This Elliott Wave count for the 2nd wave of the correction shows how to use a, b, c's and x's to label the waves, due to the fact that there is so much overlap between waves. A lot of Technical Analysts try to label upwards corrections with numbers 1 thru 5, and wind up showing the fourth wave trading in the range of the 2nd wave. It's an Elliott Wave rule that the fourth wave can't trade in the price range of the second wave. In those cases you don't have an impulse wave, you actually have corrective waves.
This long upwards sloping boxed c -wave of the 2nd wave is what is known as a poly-wave, and is showing less upwards momentum than the down waves. Technically, the 2nd wave up won't be done until we start completely retracing waves to the down-side. Another indication would be for price action to break out of the price channeling of the boxed c-wave.
This long upwards sloping boxed c -wave of the 2nd wave is what is known as a poly-wave, and is showing less upwards momentum than the down waves. Technically, the 2nd wave up won't be done until we start completely retracing waves to the down-side. Another indication would be for price action to break out of the price channeling of the boxed c-wave.