In this updated chart, I’m highlighting whatappears to be a macro 5-wave structure based on Elliott Wave Theory: Here’s the breakdown:

1. Wave 1 starts from a low point and pushes up strongly, initiating the trend.

2. Wave 2 corrects back but does not fully retrace Wave 1, maintaining the overall upward trend.

3. Wave 3 is a powerful impulsive wave that surpasses Wave 1’s high, as expected in Elliott Wave theory.

4. Wave 4 is a corrective phase, with a shallower retracement compared to Wave 2.

5. Wave 5 is currently unfolding, moving upward and potentially marking the final push in this trend before we enter a larger correction or a reversal.

The next step would be to watch for signs of an A-B-C corrective wave once Wave 5 is completed.

Thoughts?