Elliott Wave Double correction on HDFC chart

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"" 4 hrs TImeframe Chart ""
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You all can see it is an HDFC intraday chart of 4 hrs time frame. Which is the very important timeframe for short term trader
Here I am grabbing a significant law of price and drawing Elliott Wave with it.
I am taking this law at the starting point of wave 1.
While drawing the Elliott wave, we can spot that 1 to 4 waves have been drawn and here wave 5 is at the starting point.
Let's check the rules.
As you can see a wave 2 can't overlap wave 1. But wave 4 is at the exact line of wave 1 and here we can conclude that wave 4 is the violated wave.

We have come to know that wave 1 is violated. According to the violated wave rule, the Elliott wave structure is drawn on the chart which is incorrect.
To overcome the violation of the Elliott wave, we should label it correctly. Here I am replacing 1,2,3 as a,b,c, and wave 4 as X.
As per Elliott Wave theory, here double correction concept can be detected.
We are spotting a consolidation area of price. Here can find either a new high price of a new low price.

Here I am drawing a parallel channel that covers most of the price points and drawing a line followed by most of the price movements.
The gravitational line is a force that attracts price which is a combination of support and resistance.
Excess is an amount of something which is more than advisable.
Here the excess point is labeled, the area which is going out of the parallel channel which is a strong reversal signal.
Let's move on Volume study
Here I have drawn a horizontal line where I have caged average volume. Whenever price crosses the average volume, we can spot the strong price reversal movement.

Here, if the consolidation area has a downside breakdown, we can judge that in the current price the wave 1 has ended, and now wave 2 would be formed. If there will be an upside breakup, wave 2 is still forming.

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correcting mistake : if the consolidation area has a downside breakdown, we can judge that in the current price the wave A has ended, and now wave B would be formed. If there will be an upside breakup, wave A is still forming.