Is there an analysis that is not subjective?
As notatesd on the chart (ABC) is an up-down-up, corrective pattern, to correct, or retrace, the decline since the May high and as it's the largest degree, since the high, it is an interpretation of the patterns make-up and the whole sequence I am counting a B wave (cicled) which anticipates (once the smaller up channel is completed) a longer downmove to below June 30 low making for a larger zigzag down that corrects the whole move since 12th Aug 2004...this is the degree I am planning around...