no offense, but I think that a downtrend reversal is ABC, not 12345. There could be inner 12345 within the A and C legs though. And an inner ABC inside the larger B wave. I think they call that 5-3-5. What you represent as wave 4 seems to be failed the wave X of a double ABC pattern. A double ABC correction may be unfolding and we are heading into the leg A of the second ABC cycle. Typically double ABC corrections are it. A triple ABC is very rare. I'm no expert in this, but I'm in the process of studying Eliott waves from a book and wanted to share my thoughts. pls don't take my input the wrong way.
k6
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@Artesp, no offense taken! I enjoy constructive critique. Its too early to say for certain if the reversal is ABC, we need more price action. It certainly could be. We should be able to make a better call two days from now. This comes back to if you think the original macro impulse down completed 5 waves at all. I only count 4 if my bear count is correct. Again, you're scenario is perfectly plausible, but there is no evidence to disqualify the count i have either. That's why a lot of people aren't trading right now. Its not very clear right now, there are at least three possible ways to count this (from a macro sense).
k6
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@Artesp, just re-read what you said, downtrend reversals are not always ABC, they can reverse into an impulse.