IMUGENE CHART. TA only, page-270

Agree, I guess pattern history should also matter, if we look at IMU history vs ASX movements, at some point the IMU stock movement corelated with ASX movement, this was in absence of news, normally I look at decent charts with a caveats, below is just a cut a paste (too lazy to write the though not contesting your view, just throwing out my experience with IMU)

"In today’s market, 5 waves move still happen in the market, but our years of observation suggest that a 3 waves move happens more frequently in the market than a 5 waves move. In addition, market can keep moving in a corrective structure in the same direction. In other words, the market can trend in a corrective structure; it keeps moving in the sequence of 3 waves, getting a pullback, then continue the same direction again in a 3 waves corrective move. Thus, we believe in today’s market, trends do not have to be in 5 waves and trends can unfold in 3 waves. It’s therefore important not to force everything in 5 waves when trying to find the trend and label the chart"