Elliott always said if one can draw a base channel that is the key to further movement in a stock . When price breaches above the upper boundary of the base channel then we know wave 3 has started . Regards
Elliott wave Principle at its heart is a technique to draw correct trend lines . If drawn correctly the waves will always be in proportion and there will be lesser surprises. In the chart corrections in wave 4 are shown at different degrees of a trend . Since market is a fractal the same formula can be replicated at lesser and lesser degrees.
If alt count is applicable then a good buy zone would be .786 retracement (ie wave ii of the impulse) as wave (i) would be the longest wave in the impulse . So it will correct to the wave (ii) of the impulse 8059 . If main count is applicable then expect a new low .