SUMMARY
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IF the recent decline was circled blue wave 2; then it could be complete as shown in below chart. The MACD is also curling up. However, we are not out of the woods yet. What is needed? Higher highs are rquired. If the MACD does still rising; then price could get the support to start upwards towards higher highs and initiate the wave 3 pathway. Bear in mind that there are many ways to label these and I am aware of just about every possible variation. However, Technical Analysis is no more than a process of identifying as many possibilities and narrowing them down to a primary and an alternate price pathway. It's a game of probability and not certainty. So, let's see how the overnight price action rolls in.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: 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.**