$ICP is showing what I'd call a five-wave impulse over a W–X–Y corrective, though it's not textbook clean. Waves 2 and 4 stay clear of wave 1 territory, so the impulse holds. Wave 3 is longer than wave 1, so we're not violating the "wave 3 can't be shortest" rule. The push into the $2.70 high looks increasingly impulsive, and the sharp rejection after wave 5 is classic completion behavior.
The main issue? Wave 5 is unusually large and extended compared to waves 1 and 3. That's why I'm labeling it 1–2–3–4–5 as the primary count, but keeping W–X–Y as the alternate until we drill down on lower timeframes and check the internal subdivisions.
Here's the key: five waves up typically means this was wave A or 1 of a bigger structure, not the full correction. If we get a three-wave pullback followed by another leg up, that favors the bullish 1–2 read. If we see a deeper reversal, those five waves were likely just wave A.
Stay disciplined, respect your stops, and manage risk carefully here.
The main issue? Wave 5 is unusually large and extended compared to waves 1 and 3. That's why I'm labeling it 1–2–3–4–5 as the primary count, but keeping W–X–Y as the alternate until we drill down on lower timeframes and check the internal subdivisions.
Here's the key: five waves up typically means this was wave A or 1 of a bigger structure, not the full correction. If we get a three-wave pullback followed by another leg up, that favors the bullish 1–2 read. If we see a deeper reversal, those five waves were likely just wave A.
Stay disciplined, respect your stops, and manage risk carefully here.
