SUMMARY
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EOS is moving within a sizable broadening pattern as can be seen in below chart. Since the terminal end of the yellow wedge pattern, price has moved up in an impulse(blue). Since five waves are complete, a correction is required and the current minor decline is fulfilling that. These smaller twists and turns should be ignored because being long term greedy will constantly have you see the big picture.
The purple waves are higher degree of trend. Note how the blue impulse become subwaves to purple wave 1. The current minor correction is probably best labeled as an wxyxz (red) sequence and these will compose the subwaves of purple 2. Even if price touches the bottom trend line, it would still remain as a valid purple wave 2. The longer term shows that likely, price will aim for the upper trendline which is where blue wave e resides.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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