5th wave up, of the corrective IV the wave pattern still intact

An update on the Idea of a IVth corrective wave following the classic Waves I & 3 down where wave II was an easy to read ABC corrective wave up.

The pattern is intact for the IVth wave, wave 4 didn't go past wave 2 ( of the corrective IVth wave. We are now in the 5th wave of the IVth wave
going up on weak volume.


Roman numerals used to indicate the larger five wave down pattern. numerical numbers ( 1 to 5 )used only to describe the IVth wave in this chart.

If they break the pattern, because of some phenomenal "good news" real or drummed up, then waves I thru III become a simple A-B-C correction.

This is one of the things that leads people who have never studied Elliot or Prechter's book think Elliot Waves are a pseudo science. Waves occur in every timeframe, and in every chart
so a set of V waves up after an ABC become 5 waves up in a new Bullish pattern. The IVth corrective wave is the hardest one to read, but think "complex and corrective" . The example we are seeing now
is one of the easiest to read I have seen in a while. If we do go down, after the IVth wave completes, the Vth wave down will be impulsive and complex, which validates the V waves down of the entire DOWN move
indicating a longer bearish trend down.

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