The continuation ABCDE pattern will be confirmed once the upper trendline breaks with substantial volume, comparable to the one observed in Nov 2018, accompanied by an increase of the RSI above 80. The recent correction provides a good opportunity with a large reward to risk ratio although a break 10.6k or 14k may provide a safer approach, with large r2r nonetheless. A break below 7k would invalidate the wave count, and a deeper correction down to 5.4k may be anticipated.
The subwaves of the ABCDE triangle do not respect the typical count in 3 waves expected for a regular ABCDE triangle according to Elliott wave theory. Rather, moves to the downside appear to be complex corrective waves (WXYXZ) whilst moves to the upside appear to be impulsive (12345) -- the recent contraction of the volatility makes this observation less relevant as shorter timeframes need to be used to be able to count the subwaves.
The subwaves of the ABCDE triangle do not respect the typical count in 3 waves expected for a regular ABCDE triangle according to Elliott wave theory. Rather, moves to the downside appear to be complex corrective waves (WXYXZ) whilst moves to the upside appear to be impulsive (12345) -- the recent contraction of the volatility makes this observation less relevant as shorter timeframes need to be used to be able to count the subwaves.