SUMMARY
ENG has undergone a healthy correction. As to whether the ABC corrective waves are complete or not, the below chart shows a potential breakout that could be in progress.
Clearly, the presence of a 5,3,5 set of waves show a ZigZag in the works. The five subwaves of the c wave show a full placement of all five (white). The breakout currently looks very abc or three wavish. This means that in order to display an impulsive reversal, a higher high woud allow the completion of waves 1,2,3,4 and 5. This would provide the earliest signal of a trend reversal away from the corrective downtrend. There are other alternate counts and they will be shared later if they rise in probability. Thus far, primary count remains as an abc until a higher high is recognized.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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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