@EWexplorer, whilst enjoying your posts, I admit to reservations...

@EWexplorer, whilst enjoying your posts, I admit to reservations general and particular. Recently you thought we were set to explode into a grand W3, and now you say we might be going the other way.

In general:
A chart clearly has no mind or intelligence of its own - it's just a graphical list of dates and prices. But join the boring dots by a dimensional leap, and you have a live snake that twists and turns and digests its prey. Where is it heading and whom will it swallow?
Does a chart know about an upward gap? of course not. But everyone knows that everyone else has seen it, so potential purchasers hold off, so the buy side is depleted, and the gap gets filled. (In the same way a 15% BG sell effect might lead to a 35% hold-off effect if not more, and thus a 50+ % total drag).

Specifically re EW theory:
An Up phase will obviously have more up-wiggles than down-wiggles, and retrofitting The Wiggles into 5s and 3s certainly makes for a thing of fractal beauty, with its waves within waves within waves.
It's the predictive value I'm less sure about.

So while the good ship RAC (not the Titanic!) goes full-steams ahead, some of the passengers on deck rush from side to side as they second-guess each other. Usually the game is harmless (if not for the passengers who get crushed), though it can occasionally lead to a capsize. It's more common for a ship to become becalmed, or lose its way, or spring a leak, or be attacked by pirates, or even to sink through storm or iceberg.

None of these seem to be the case for us so far, touch wood.

[Whilst I think Charts are possibly overrated, I remain interested in Price Action].