Someone's been eating my porridge! BTC and the Three Bears..
Having mapped the motive (5-wave, green) + corrective (3-wave, red) structures through-out the correction, they seem to be painting an Elliott Wave 'Double-Three' structure (possibly a triple-three but that would take a while longer to confirm). This is comprised of a corrective wave 'W' followed by an inverted corrective 'X' and finally a non-inverted 'Y'. I came to this assumption based upon the pattern of motive(M)-corrective(C) waves which thus far is: MCMMCMMC (see the chart) derived using Kennedy channelling.
Prerequisite for an all-zig-zag double-three is: MCM-MCM-MCM
In this case the overall structure is:
1, Zig-Zag
2, Zig-Zag (Inverted)
3, In-progress but shaping up to be a further zig-zag
The reason I suspect a final zig-zag is that the first component of wave Y is motive ie 5 waves, precluding all other alternatives (must be the start of a 5-3-5 zig-zag). The unfortunate implication of this is a final move *down* before corrective Y is complete. It seems that the length of each corrective wave is approximately 110 days placing the next significant juncture at 11th Nov 2018.
Prerequisite for an all-zig-zag double-three is: MCM-MCM-MCM
In this case the overall structure is:
1, Zig-Zag
2, Zig-Zag (Inverted)
3, In-progress but shaping up to be a further zig-zag
The reason I suspect a final zig-zag is that the first component of wave Y is motive ie 5 waves, precluding all other alternatives (must be the start of a 5-3-5 zig-zag). The unfortunate implication of this is a final move *down* before corrective Y is complete. It seems that the length of each corrective wave is approximately 110 days placing the next significant juncture at 11th Nov 2018.