GAS is Doing a Four Shift ABCDE

SUMMARY

GAS started off as an abc correction from its genesis. The likelihood of a bottom is high as shown by the distinc five subwaves of C. Gas is channeling within the parallel lines and thus far has carved out abc of the abcde waves. This kind of sideways move is typical of a consolidation phase prior to a higher high.

Subwave counting helps to gain confirmation of primary counts. The abc subdivisions (white) are very crisp and nicely placed. As price is pretty much sitting on the bottom line, the next move is expected to be towards the upper white trend line and should be three wavish. Similar to triangle patterns, not every pattern must have five abcde waves in a channel. So, yes, a decisive breakout could happen while in the process of placing he D wave.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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