Wave Analysis - Missing Element
I missed a crucial part in the wave analysis I did over the weekend, the trendlines! One of the guidelines for the wave theory is that the waves in the impulse are contained mostly between two trend lines. The lines are drawn from the top of waves 1 and 3 and the bottoms of wave 2 and 4. These lines can be used set targets for wave 5. I would guess that they can also be used to tell you if your wave count is wrong. This is something I definitely should have added since I developed a wave count of 4 and almost 5.