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Another possible scenario is that this correction looks like an Elliot Wave Channel, with the C wavelength very close to the B wave.
The corrective channel is made by two trendline lines. The first primary line connects the starting point of wave A to the end of wave B, and then the parallel line is placed at the end of wave A. Normally, wave C will end at that parallel line to complete a corrective retracement.
The corrective channel is made by two trendline lines. The first primary line connects the starting point of wave A to the end of wave B, and then the parallel line is placed at the end of wave A. Normally, wave C will end at that parallel line to complete a corrective retracement.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.