Since 15 July 2014 top, an impulse wave is still in progress, now near completion of a complex wave (4) before resuming downtrend on (5):
1. complex (4) alternates with simple (2).
2. with presence of 5th wave extension in (3), (4) retracing more than 61.82% of (3) *, and
3. (4) not overlapping (2).
Thus, setup short on resuming downtrend on (5), with SL at bottom of (2).
* "The 5th Wave Extension is the only extended wave which should be consistently retraced more than 61.82% by the next wave of the same Degree no matter what part of a larger scale the 5th wave is. ............"
Ref.: MEW Neely p. 10-10
1. complex (4) alternates with simple (2).
2. with presence of 5th wave extension in (3), (4) retracing more than 61.82% of (3) *, and
3. (4) not overlapping (2).
Thus, setup short on resuming downtrend on (5), with SL at bottom of (2).
* "The 5th Wave Extension is the only extended wave which should be consistently retraced more than 61.82% by the next wave of the same Degree no matter what part of a larger scale the 5th wave is. ............"
Ref.: MEW Neely p. 10-10
