I'll keep it simple. Two of the best wave counters in the industry have wildly opposing views. Elliott Wave International likes something akin to the red model. Avi Gilburt of ElliottWaveTrader.net seems to still be backing the blue model.
We have now hit the point where the chart has stalled where it would hit a line drawn through 2 that is parallel to 1-3. This 1-3, 2-4 parallelism is a major theme of EW.
Someone is going to be right and someone is going to be wrong and very soon we should have an indication whose model is working. If this bounces hard from here, Avi will likely be right. But if the herd, having kissed this line from above, steps back a little bit in an a-b-c motion for a running start and then comes crashing through the lower rail (especially if done with a gap down) then EWI gets the near term nod.
That lower rail is very important and people should not lose sight of it.
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