Enigma (ENG) & Convex Price Channel

SUMMARY

Enigma (ENG) has an unusual pattern which I've rarely seen. The Cup pattern is quite common but the channel following the impulse waves seem to be moving within a convex channel. From the curvaceous feature, the price seems to be patterning out a sizable rounded price formation.

I've labeled every subwave. The first draft down was an ABC of a W followed by X,Y,X and Z. The subwaves of red Z show the blue abc overlapping corrective waves and that could potentially mark the starting point of hte basen phase of the rounded price formation. From a time perspective, the Z wave point is not far off but about around the corner.

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