Looks like second time is a charm. Price broke below the channel and continued downward. I believe a double zigzag correction was completed as seen on the graph. Interesting that W=Y and thus forming a deep correction. I believe the up move to complete is the start of the next impulse wave and ended today at previous support.
Nota
Correction to the Wave count. Credit to Pure Elliot Wave analysis of the wave count. This was an ABC Zig Zag with an abcde Wave B in the middle of that mess. Regardless, Wave C (labelled (y) above was just slightly longer than Wave A (labelled (w) above) so meets the criteria for Wave C with no truncation. My impression is upward move is an impulse wave with Wave 1 likely almost completed and see downward movement. .618 fig is 4610. Could be start of a wave B which would have to be a very flat ABC correction.
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