Enbridge Inc. (ENB): Two Scenarios; A Primary & Alternate

SUMMARY

Enbridge (ENB) has distinctly marked the five wave sequence as shown in the below weekly chart. Elliott Waves state that a requisite correction follows the impulse fractal. To that end, the primary count is that the correction is likely to be a complex sequence; such as the ABCDE of a triangle pattern. It morph into another type but probably not the simple one. Rule of alternation should drive wave 4 to be more complex than the wave 2.

The alternate is that the ABC has already taken place and completed. It would be a bit unusual for a major correction to be so quick, but there is that scenario; especially if price starts impulsing from current level. That would generate the blue wave 3 onset and would likely indicate higher highs to come. Even if the blue 3 onsets, it could still be seen as a D wave breakout for the primary count. They both jive to that degree.

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