Ha - I think Subwave 2 just ended..

Okay. Waiting forever for Wave C of Wave 2 to end.

Yesterday I thought that Mini-subwave 4 of Wave C ended, but it seemed like it wanted to live a little longer. We started what I believe to be mini-subwave 5 this morning.

Now let's breakdown this mini-subwave 5:
1. MicroSubwave 1 has completed
2. MicroSubwave 2 has taken forever, but has I believe just ended. But if the price goes above $8002, theat would mean Wave 2 continues to want to live.
3. MicroSubwave 3 - the end of this wave is very important. Because joining the end of Wave 1 and 3 will form the bottom of a channel. If Wave 5 hits this channel it is a good sign that the wave is over and you can buy in at this price.
4. MicroSubwave 4 - copy the channel line you drew in point 3, and paste it to touch the end of Wave 2. If Wave 4 touches this line, then this channel is a strong indicator for the end of the wave.
5. MicroSubwave 5 - touching one of the channel lines indicates the end of the wave. Hopefully it bottoms when it touches the bottom channel, but sometimes the bottom can be in the middle of the channel - then you have to depend on looking at volume, RSI and MACD etc. to determine whether the bottom was reached.

I will continue to update the chart as the price develops. This sideways movement is messing up the Elliott wave. It may be in an ABCDE pattern (within the triangle drawn in Pink), which means that what I have labelled as micro-subwave 2 is the "E" in the ABCDE pattern, which means that the price will exit the triangle downward (which would also happen in my Elliott Wave count), but I don't know where it will end up. I don't like using any of these other Elliott Wave types. The ABCDE pattern is basically the same as a "bearish pennant" - but that only has a 55% chance of success.

12345ABC Elliott Waves are useful for me to count, because they can be used to put boundaries on the start and end of waves. Other Elliott Waves, and other types of trend analysis or pattern analysis don't give me that kind of ability. I'd have to depend on historic support lines, volume, MACD and RSI to determine the end but I would have to stare at the charts more to assess where the end will be - it's more work than Elliott Wave.