An explanation on the ongoing fourth wave:
As expected, a five overlapping waves sequence in a bearish triangle formation is likely being completed. It appears that wave (e), as the last wave of the triangle, could be still in progress in a triangle five-waves. so that its waves a, b, and c are completed, while waves d and e ahead.
Note : Extreme of the wave (c) at 1.1454 , could be considered as a “Red line” on this pattern. Because, wave E of a triangle pattern never moves beyond the end of wave C.
“A triangle appears to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. The triangle pattern contains five overlapping waves that subdivide 3-3-3-3-3 and are labeled A-B-C-D-E.”
As a rule about “Contracting Triangle” in Elliott Wave Principle :
” Wave C never moves beyond the end of wave A, wave D never moves beyond the end of wave B, and wave E never moves beyond the end of wave C. The result is that going forward in time, a line connecting the ends of waves B and D converges with a line connecting the end of waves A and C.”