As shown on the N.G. daily chart below, a countertrend rally in Minor-degree wave C would trace out Intermediate wave (4) as a flat correction in three waves.
Accordance with the Elliott Wave Principle, in a “flat” correction:
- Wave B usually retrace between 100 and 138 percent of wave A.
- Wave C is usually between 100 and 165 percent as long as wave A.
- Wave C usually ends beyond the end of wave A.