SUMMARY
United Continental Holdings (UAL) has been impulsing at a multi year degree of trend. The five waves seem complete as shown in below chart. These movements are well contained by parallel lines (blue); hence indicative of an impulse nature. Wave 4 took the shape of a downward pointing wedge and the breakout could have finished wave 5.
When adding the subwave labels, each actionary wave rolls up to being complete. Therefore, the ABC correction could be next as shown below. Since five waves are followed by a reactionary correction, the retracement could go as deep as prior wave 4.
Another pattern the correction could take is that of an ABCDE symmetrical triangle. This would lead to a 15+ months of sideways churn.
Given analogous fractals; it more likely that a downward wedge could take the shape of the corrction. This scenario too would take the retracement to about the level of wave 4.
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