Elliott Wave Outlook

If this scenario is correct , then we have wave 1 being extended , and according to Elliott wave rules wave 3 can not be the shortest , thus wave 5 must not exceed the invalidation level shown by the dotted red horizontal line . This completed impulsive wave forms bullish wave A of a bullish corrective structure ABC ,

The breakout of the dotted blue support triggers the formation of the bearish wave B which can be any three corrective structure , the the final impulsive bullish wave C to be formed