Your first red up channel is really one traverse. Price did not break the rtl of your first green traverse on inc vol so you should fan. The 1030 IRV closed back inside the previous bar saying get long if your not already, (JW change, similar to the 1005 bar but that was pt2) and the 2-3 move was over. Gaussians. B\/R = down dominant, R\/B = up dominant
We discuss here somebody else's annotated chart ... For example, some people might've seen that second lateral differently, as (on this chart) it shows a breakout on its 3rd bar ... For my earlier comment clarification see attached ... On the other hand, as important as is to read the market correctly, it is to quickly know when you've read it incorrectly, and ... wash ...
Thanks for the chart. That's what I was getting at with the second scenario. And it makes the next brown downleg work out.
if I count the wave correctly then the first red circled lateral is a retrace, the second circle is just a lat movement (part of a down traverse).
I suspect the difference here is in the fractal. On the 5 min we don't get a return to dominance until after the 2nd lateral. That would be the reason Spyder didn't annotate the blue and pink traverse channels they are inside of as traverses. If on a faster fractal then the first lateral is a completed traverse, and the second one part of the next traverse down.
Check the 2 min YM: it shows clearer the non-dom traverse ... A slightly up move covers the first ES lateral ... followed by a down move and a shorter up move that cover the down and second ES lateral moves ... Then the down dominant traverse starts at 1515 ...
Thanks for the feedback. It was very helpfull. I'll look into adjusting the time for future reference. Guavaman, also thanks for posting your chart with comments.