Putting another possibility out there: this consolidation since 1833 is narrowing within contracting lines so far and could be a triangle which is almost complete. This doesn't make the two other wave counts any less potentially valid, in my view, however.
In fact, if this consolidation is a triangle and follows the path outlined in the chart and thrusts down to the target area, it might still be virtually indistinguishable -- at first -- from the main count shown of 1, 2, (1), (2), and pending (3). We would need to see how far down it goes before trying to make the distinction. A triangle, as a wave which precedes a final wave in a sequence, would ideally limit the downside to the target area shown, before a correction upward of the same magnitude ensued. On the other hand, a 3rd wave could extend much further down, then be followed by a fourth and fifth.
In fact, if this consolidation is a triangle and follows the path outlined in the chart and thrusts down to the target area, it might still be virtually indistinguishable -- at first -- from the main count shown of 1, 2, (1), (2), and pending (3). We would need to see how far down it goes before trying to make the distinction. A triangle, as a wave which precedes a final wave in a sequence, would ideally limit the downside to the target area shown, before a correction upward of the same magnitude ensued. On the other hand, a 3rd wave could extend much further down, then be followed by a fourth and fifth.
