The TREE COUNT for Shorter Term Traders:
The symmerical triangle consolidation has certainly played out the "Hurry Up & Wait" scenario. The lateral symmerical triangle is at a state where price is quite proximal to the apex. Often, breakouts in such conditions provide a sustainable uptrend reversal.
The abcde red waves delineate the corrective waves which might be complete.
The nature of a correction allows a trend reversal and it starts with a decisive breach of a pattern and then an impulse round of waves. The abc can be seen as already or nearly complete. If this is the case, then an impulse (white) waves can be traced as shown.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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