ICP Short-term Elliot Wave OutlookICP is currently in a short to medium term corrective phase which has lasted just over half of the year. In terms of the macro count it is completing the last leg of a zig-zag in either wave 2 or a B wave.
The primary count in white shows an impulse with five completed waves. In this instance, it is a non-overlapping ending diagonal where the impulse sub-divides as 3-3-3-3-3.
This count is invalidated if price breaks below the aqua support area.
If price breaks below the aqua support area the alternate count becomes more likely. In this case, we're looking at a WXYXZ in yellow.
Z can be either 61.8, 100.0, 123.6 or 138.2 of W. Generally targeting the area between 4.22 and 3.35
