The li'l token that thinks it can

EWT's 2-4 Alternation Principle informs us: for a gentle, shallow 2-leg correction we can expect to see an abrupt, deep 4-leg correction.



4-leg: Double-Three Correction Pattern
Key elements:
- Overall Structure: W=5730, X=8271, Y=5868
- Internal Structure: 3-3-3 (Flat 3-3-5, Flat 3-3-5, Combo)
- W-leg hits 50% retracement of the 3-leg

Note, the 4-leg is a truncated correction ending higher than the initial move & completes in the direction of the larger trend.
Dropping to the 5- & 10-m charts make this clear. (Personally, I like dissecting 1h TFs using a 6m chart (6 = 0.1h).)

5-leg: Rising ABCDE Triangle Pattern
Key elements:
- inside a channel formed by AC-B which accurately predicted D. (I actually saw and drew the channel ~4am planning for D=6500, but it reversed course and I went to bed.)
- Overall Structure: A=6956, B=6088, C=7475, D=6543, E=7805
- Internal Structure: 3(3,3,5)-3(3,5,3)-5(5,3,5)-3()-3(ABCDE) structure
- Consolidation first presents itself
- Each leg of this first segment of the 5-leg shows progressively more consolidation
- E-leg is pure consolidation and a fractal ABCDE Triangle in it's own right

Komen:

Oh yeah, forgot to say ...

I was (extremely) bearish days ago. I learned my lesson and Elliot Wave Theory got me there (and banking a nice roll in the process.)

Near-term Outlook: Bullish. This will see another zero(0) lost temporarily.
Long-term Outlook: Bearish. This thing is gonna swan dive back to where it came from.