Last close: €76.03 (24 July 2026). Cycle wave II from the €110.88 high of 10 March 2025 is unfinished: the first zigzag bottomed at €71.25 on 22 June 2026 and Primary Ⓧ is rallying toward €81–86 before a final Primary Ⓨ leg toward €62–65 — €71.25 is the bull/bear line and €91.15 voids the count.
| Scenario | Direction | Next expected wave · degree | T1 (€) | T2 (€) | T3 (€) | Invalidation | Probability |
|---|---|---|---|---|---|---|---|
| 1 · Primary — Cycle II double zigzag: Primary Ⓧ rally, then Primary Ⓨ down | ▲ up near term | Intermediate (C) of Primary Ⓧ · Intermediate | 81.25 | 84.04 | 86.39 | daily close > 91.15 (origin of (C) / 0.5 retr.) | 36% |
| 2 · Bearish — Cycle II a simple zigzag whose Primary Ⓒ ending diagonal is unfinished | ▼ down | Intermediate (5) of Primary Ⓒ · Intermediate | 71.25 | 64.70 | 62.16 | daily close > 84.97 (end of Ⓒ wave (2)) | 33% |
| 3 · Bullish — Cycle II complete at 71.25 | ▲ up | Primary ① of Cycle III · Primary | 84.04 | 91.07 | 95.74 | daily close < 71.25 | 31% |
validate_count.py. It fails R3: Primary ④ at 71.25 lies 19.70% of wave ③ below the end of Primary ① (86.03, 28 December 2001). Rejected — not scored, not ranked. Because the reframe was tested, no premature_termination_untested cap is applied.Step 0 · Base channel & trigger. The 2026 base is channelled on the 71.73 (12 May) and 71.25 (22 Jun) lows with the upper parallel through 78.43 (5 Jun); channel width 6.98. No breakout is confirmed (channel_breakout → None): the upper line stood at €77.86 on 24 July and drifts ~−0.012/day, so the trigger is two consecutive daily closes above ~€77.8, then a close above the €84.04 breakout shelf. Last close €76.03 — trigger inactive.
Step 1 · Retracement grid of the last completed advance (71.25 → 78.42): 0.382 €75.68 · 0.5 €74.84 · 0.618 €73.99. The 24 July low of €74.08 is a 0.605 retracement — inside the grid, and the reason Intermediate (B) is read as complete.
Step 2 · Base projection (conditional — not active). Anchors 71.25 / 84.04, range 12.79: 1.382 → €88.93 · 1.618 → €91.94 · 2.0 → €96.83. These enter the target menu only if the 84.04 shelf is cleared on a weekly close; under the primary count they are not expected to be reached.
Step 3 · Forward retracement grids of the projected legs.
Step 4 · Dated path.
| Leg | Direction | Target zone | Date window | Basis |
|---|---|---|---|---|
| Intermediate (C) of Primary Ⓧ | ▲ up | €81.25 – €86.39 | 2026-08-17 → 2026-11-30 | (C)=(A) from 74.08 -> 81.25; (C)=1.618x(A) -> 85.68; 0.382 retracement of the Cycle-II decline -> 86.39; base-channel +1W lane ~83.7 |
| Primary Ⓨ (second zigzag of Cycle II) | ▼ down | €62.00 – €65.00 | 2027-02-01 → 2027-09-30 | 0.618 retracement of Cycle I -> 64.52; origin of the Primary ⑤ ending diagonal -> 62.16; Ⓨ ~ 0.618 x Ⓦ (39.63) from the Ⓧ high |
| Cycle III (first leg) | ▲ up | €78.00 – €86.00 | 2027-10-01 → 2028-06-30 | first impulse off the Cycle-II low; 0.382-0.5 retracement of Cycle II |
Previous roadmap. None existed (no SAN.roadmap.json before this run), so there is nothing to grade. For continuity: the 9 July 2026 report also treated €71.25 as the end of the first corrective sequence with a rally and then a further decline — that directional call is unchanged; the labelling has been rebuilt from the data and now passes the mechanical gate.
The market is in Primary wave Ⓧ (up), the connecting leg of a Cycle-degree double zigzag. Ⓧ began at €71.25 on 22 June 2026. Its first leg, Intermediate (A), was a contracting leading diagonal to €78.42 (17 July); Intermediate (B) is a regular flat that bottomed at €74.08 on 24 July. Intermediate (C) of Ⓧ is the wave now beginning, direction up, from €74.08.
| Degree | Wave | Direction | Status | Start | Current / end |
|---|---|---|---|---|---|
| Supercycle | (I) | ▲ up | in progress | 2008-10-10 · €35.86 | — |
| Cycle | II | ▼ down | in progress | 2025-03-10 · €110.88 | — |
| Primary | Ⓧ | ▲ up | in progress | 2026-06-22 · €71.25 | — |
| Intermediate | (C) of Ⓧ | ▲ up | just begun | 2026-07-24 · €74.08 | €76.03 |
| Minor | 1 of (C) | ▲ up | in progress | 2026-07-24 · €74.08 | €76.03 |
validate_count.py returns valid = true for this count: R1 (wave 2 never beyond the start of wave 1), R2 (wave 3 never the shortest) and R3 (wave 4 never beyond the end of wave 1) all pass, over 57 pattern-rule, 47 subdivision and 45 pivot-extreme checks, with no near-miss caveats. Eight items were emitted as pass: null for analyst resolution and are resolved here:
R3_overlap_permitted_diagonal and diagonal_wave4_not_beyond_end_wave2 for each.Soft scores: guideline_score 0.569 over 41 applicable weighted guidelines, fib_score 0.557 over 10 measured relationships, indicator_score 0.522 over 7 checklist rows; blended at 0.5/0.25/0.25 to a raw 0.554, and no confidence caps applied (nesting is decomposed and verified down to Minor degree; no fragile extended fifth; the premature-termination reframe was built and rejected; every labelled leg passed verify_pivot_extreme).
Alternate (33%) — Cycle II is a single Primary Ⓐ-Ⓑ-Ⓒ zigzag whose Ⓒ is an expanding ending diagonal that is not finished. On that reading the 84.97 → 71.25 decline is wave (3), the 71.25 → 78.42 advance is wave (4), and wave (5) — which must exceed wave (3)’s 13.72 points — is now under way toward €64.70 or lower. It is invalidated by a daily close above €84.97 (a diagonal’s wave 4 may never pass the end of its wave 2). A second alternate (31%) has Cycle II already complete at €71.25 with Cycle III rising; it is invalidated by a daily close below €71.25. The primary count itself weakens above €91.15 (the origin of Intermediate (C) and the 0.5 retracement of the Cycle-II decline) and is void above €110.88.
| Wave | Degree | Direction | Status | Start | End | Notes |
|---|---|---|---|---|---|---|
| Primary Ⓧ | Primary | ▲ up | in progress | 2026-06-22 · €71.25 | — | connecting X wave of the Cycle-II double zigzag; X waves typically retrace 0.382-0.5 of the preceding leg |
| Intermediate (A) of Ⓧ | Intermediate | ▲ up | complete | 2026-06-22 · €71.25 | 2026-07-17 · €78.42 | contracting leading diagonal, 1-2-3-4-5 = 4.95 / 3.27 / 4.56 / 2.46 / 3.39 |
| Intermediate (B) of Ⓧ | Intermediate | ▼ down | complete (provisional) | 2026-07-17 · €78.42 | 2026-07-24 · €74.08 | regular flat a-b-c; b retraced 0.949 of a (≥0.90 → flat), c = 1.95 × a |
| Intermediate (C) of Ⓧ | Intermediate | ▲ up | in progress | 2026-07-24 · €74.08 | €76.03 | the live wave — zigzag C of Ⓧ |
Primary Ⓧ so far: (A) 71.25 → 78.42 (contracting leading diagonal, 22 Jun – 17 Jul; Minor 1 → 76.20, 2 → 72.93, 3 → 77.49, 4 → 75.03, 5 → 78.42 — wave 4 shorter than wave 2 and wave 5 shorter than wave 3, with the 2-4 and 1-3 lines converging). (B) 78.42 → 74.08 (regular flat, 17 – 24 Jul; a → 76.25, b → 78.31 = 0.949 of a, c → 74.08). (C) is beginning; on the 30-minute file the 24 July session closed 2.08 points off its low on the day’s heaviest half-hours (154k and 143k shares into the close), which is the first sub-Minor evidence that (C) has started.
| Level | Price | Basis | Role |
|---|---|---|---|
| (C) = 1.0 × (A) | €81.25 | equality of the outer legs of a zigzag | T1 |
| 0.236 retr. of the Cycle-II decline | €80.60 | 110.88 → 71.25 | near-term shelf |
| Breakout shelf / 2026 high | €84.04 | 23 Apr 2026 high; base-projection anchor | T2 |
| (C) = 1.618 × (A) | €85.68 | the common zigzag-C extension | — |
| 0.382 retr. of the Cycle-II decline | €86.39 | 110.88 → 71.25 | T3 |
| 0.5 retr. / origin of (C) of Ⓦ | €91.07 / €91.15 | the level that voids the primary count | invalidation |
| 0.618 retr. of Cycle I | €64.52 | 35.8591 → 110.88 — Primary Ⓨ magnet | Ⓨ target |
| Origin of the Primary ⑤ ending diagonal | €62.16 | 24 Jun 2016 low — "a rising ending diagonal is usually followed by a decline at least to where it began" | Ⓨ target |
Daily bundle values at every labelled pivot from the Cycle-II high onward. The 20-day average volume into 24 July is 2.07M.
| Date | Wave / pivot | Price | Volume | RSI_14 | UO | Read |
|---|---|---|---|---|---|---|
| 2025-03-10 | Cycle I top / Cycle II start | 110.88 | 2 513 566 | 73.1 | 71.1 | RSI 73.1 and UO 71.1 at the high — no bearish divergence at the top itself; the termination signal came from the Primary ⑤ diagonal, not momentum. |
| 2025-04-09 | Minor 1 of (A) of Ⓦ | 86.14 | 4 327 583 | 19.6 | 28.3 | RSI 19.6 — a deeply oversold first leg down, typical of a leading-diagonal wave 1. |
| 2025-05-02 | Minor 2 of (A) of Ⓦ | 98.36 | 3 124 113 | 55.9 | 65.4 | RSI back to 55.9 on a 0.494 retracement — a clean counter-trend bounce. |
| 2025-08-01 | Minor 3 of (A) of Ⓦ | 76.78 | 3 746 341 | 37.9 | 42.7 | Heaviest volume of the diagonal (3.75M) with RSI 37.9 — momentum, not price, marked the middle of (A). |
| 2025-08-22 | Minor 4 of (A) of Ⓦ | 88.44 | 1 361 481 | 64.3 | 60.2 | Volume collapsed to 1.36M — the lightest bar in the sequence, a textbook wave-4 rally. |
| 2025-09-30 | Intermediate (A) of Ⓦ low | 76.15 | 3 141 515 | 39.9 | 50.2 | Lower price low than 76.78 but RSI 39.9 vs 37.9 — the first bullish divergence of the correction. |
| 2025-10-24 | Intermediate (B) of Ⓦ high | 91.15 | 3 057 269 | 69.0 | 65.9 | RSI 69.0 / UO 65.9 on a 24-day surge — sharp and brief, the signature of a B wave. |
| 2025-12-15 | Minor 1 of (C) of Ⓦ | 78.00 | 3 831 003 | 30.1 | 48.3 | RSI 30.1, volume 3.83M — the strongest single leg inside (C). |
| 2026-01-09 | Minor 2 of (C) of Ⓦ | 84.97 | 1 914 000 | 56.3 | 53.1 | Light volume (1.91M) on a 0.530 retracement. |
| 2026-03-09 | sub-wave a of Minor 3 | 74.85 | 2 302 210 | 34.7 | 38.5 | RSI 34.7 / UO 38.5. |
| 2026-04-23 | sub-wave b of Minor 3 | 84.04 | 3 260 128 | 56.6 | 46.5 | 84.04 — the breakout shelf; b retraced 0.908 of a, deep but legal (it stayed under 84.97). |
| 2026-05-12 | Minor 3 of (C) of Ⓦ | 71.73 | 2 454 855 | 31.1 | 34.9 | RSI 31.1 / UO 34.9 — the momentum low of the entire Cycle-II decline. |
| 2026-06-05 | Minor 4 of (C) of Ⓦ | 78.43 | 2 189 664 | 56.8 | 56.1 | RSI 56.8 — a full momentum reset inside the diagonal. |
| 2026-06-22 | Intermediate (C) / Primary Ⓦ low | 71.25 | 3 593 538 | 37.5 | 49.4 | Lower price low (71.25 < 71.73) on RSI 37.5 vs 31.1 and UO 49.4 vs 34.9 — a clear double bullish divergence. Volume 3.59M = 1.28× the 20-day average (expansion, but short of a 1.5× throw-over spike). |
| 2026-06-30 | Minor 1 of (A) of Ⓧ | 76.20 | 2 802 242 | 49.6 | 54.5 | RSI back above 49.6 within six sessions. |
| 2026-07-01 | Minor 2 of (A) | 72.93 | 2 461 764 | 41.5 | 48.7 | 0.661 retracement — inside the 0.66-0.81 band a diagonal wave 2 usually keeps. |
| 2026-07-13 | Minor 3 of (A) | 77.49 | 1 781 097 | 57.1 | 54.3 | RSI 57.1 — light volume (1.78M), consistent with a diagonal rather than an impulse. |
| 2026-07-15 | Minor 4 of (A) | 75.03 | 1 699 563 | 53.2 | 57.2 | 0.539 retracement; RSI held 53.2. |
| 2026-07-17 | Intermediate (A) high | 78.42 | 2 178 678 | 57.0 | 55.2 | RSI 57.0 / UO 55.2 — no overbought reading; the advance is corrective in character. |
| 2026-07-21 | Minor a of (B) | 76.25 | 1 836 910 | 54.2 | 54.0 | RSI 54.2. |
| 2026-07-22 | Minor b of (B) | 78.31 | 2 043 568 | 54.6 | 48.0 | 78.31 — 0.949 of wave a, which is what makes (B) a flat rather than a zigzag. |
| 2026-07-24 | Intermediate (B) low | 74.08 | 2 266 793 | 50.3 | 57.0 | Low 74.08 = a 0.605 retracement of 71.25→78.42 (the 0.618 grid level is 73.99); close 76.03, 1.95 points off the low, RSI 50.3 and UO rising to 57.0. The 30-minute file shows the two heaviest half-hours of the day into the close. |
Indicator checklist (impulse_indicator_checks on the Intermediate (C)-of-Ⓦ diagonal pivots 2025-12-15 / 2026-01-09 / 2026-05-12 / 2026-06-05 / 2026-06-22, plus two hand-built rows from references/indicators.md) → indicator_score 0.522. The rsi_w3_overbought row is calibrated for an upward impulse and is marked inapplicable on a declining structure — applied identically to all three candidate counts.
| Check | Weight | Satisfied | Applicable |
|---|---|---|---|
| volume_w3_highest | usually | ✗ | yes |
| volume_w5_below_w3 | usually | ✗ | yes |
| rsi_w3_overbought | often | ✗ | no |
| rsi_w5_bearish_divergence | usually | ✓ | yes |
| uo_w5_bearish_divergence | usually | ✓ | yes |
| Volume expansion at the 2026-06-22 low (3.59M = 1.28x the 20-day average) | often | ✗ | yes |
| SMA_50 < SMA_200 (death cross) — bearish macro supports a corrective count | usually | ✓ | yes |
Fibonacci observations (fib_confluence_score, tolerance 0.15) → fib_score 0.557.
| Relationship | Measured | Nearest expected | Distance | Sub-score |
|---|---|---|---|---|
| Primary ② retrace of ① | 0.7026 | 0.618 | 0.0846 | 0.436 |
| Primary ③ extension of ① (from ② end) | 2.5498 | 2.618 | 0.0682 | 0.545 |
| Primary ④ retrace of ③ | 0.6627 | 0.5 | 0.1627 | 0.000 |
| Primary ⑤ vs ① (W3 extended) | 2.1443 | 2.0 | 0.1443 | 0.038 |
| Cycle II retrace of Cycle I to date | 0.5283 | 0.5 | 0.0283 | 0.812 |
| Intermediate (B) retrace of (A) inside Ⓦ | 0.4319 | 0.382 | 0.0499 | 0.667 |
| (A)-of-Ⓦ leading diagonal: W2 retrace of W1 | 0.4939 | 0.5 | 0.0061 | 0.960 |
| Pullback off 78.42 retrace of the 71.25→78.42 advance | 0.6053 | 0.618 | 0.0127 | 0.915 |
| (C) vs (A) inside Ⓦ (zigzag C:A) | 0.5730 | 0.618 | 0.0450 | 0.700 |
| (C) of Ⓦ contracting ED: W5 vs W3 | 0.5423 | 0.618 | 0.0757 | 0.495 |
Weighted guideline checklist (guideline_score) → 0.569 over the applicable items.
| Guideline | Hedge weight | Satisfied | Applicable |
|---|---|---|---|
| Cycle I: W4 a different corrective family than W2 (② zigzag / ④ zigzag) | almost always | ✗ | yes |
| Cycle I: W2 is a zigzag | usually | ✓ | yes |
| Cycle I: W4 is a flat/triangle/flat combination | usually | ✗ | yes |
| Cycle I: the extension sits in the usual place (Wave ③) | usually | ✓ | yes |
| Cycle I: W1 and W5 related by equality or a Fibonacci ratio (⑤/① = 2.14 ≈ 2.0) | tends | ✓ | yes |
| Cycle I: the centre of W3 has the steepest slope of any equal period | almost always | ✓ | yes |
| Cycle I: W4 ends inside the range of sub-wave four of W3 (62.16 vs 67.92-86.56) | typically | ✗ | yes |
| Cycle I: W5 ends at/slightly beyond the 2-4 channel parallel (110.88 vs 139.04 via-③ / 119.31 via-①) | often | ✗ | yes |
| Primary ① leading diagonal: W4 ends within W1 territory | almost always | ✓ | yes |
| Primary ① contracting LD: W3 shorter than W1 (15.39 vs 14.84) | usually | ✗ | yes |
| Primary ①: W1 is a diagonal, so W3 is extended | likely | ✓ | yes |
| Primary ⑤ ending diagonal: W4 ends within W1 territory | almost always | ✓ | yes |
| Primary ⑤ contracting ED: W5 ends beyond the end of W3 | usually | ✓ | yes |
| Primary ⑤ contracting ED: W5 ends at/slightly beyond the 1-3 line (110.88 vs 114.16) | usually | ✗ | yes |
| Primary ⑤ ED: W2 and W4 each retrace 0.66-0.81 (0.988 / 0.681) | usually | ✗ | yes |
| Primary ③: W2 is a zigzag | usually | ✓ | yes |
| Primary ③: W4 is a flat/triangle/flat combination | usually | ✗ | yes |
| Primary ③: the extension sits in Wave (3) | usually | ✓ | yes |
| Impulse: W5 is not a diagonal while W3 is un-extended (W3 IS extended - the unlikely case did not occur) | unlikely | ✓ | yes |
| Correction (A) of Ⓦ: Wave A subdivides into an impulse (it is a leading diagonal) | almost always | ✗ | yes |
| Correction: Wave B retraces 0.38-0.79 of Wave A (0.432) | typically | ✓ | yes |
| (A) of Ⓦ contracting LD: W3 shorter than W1 (21.58 vs 24.74) | usually | ✓ | yes |
| (A) of Ⓦ LD: W2 and W4 each retrace 0.66-0.81 (0.494 / 0.540) | usually | ✗ | yes |
| (A) of Ⓦ LD: W4 ends within W1 territory | almost always | ✓ | yes |
| (A) of Ⓦ LD in the A position followed by a deep retracement ((B) only 0.432) | typically | ✗ | yes |
| Correction (C) of Ⓦ: Wave C subdivides into an impulse (it is an ending diagonal) | almost always | ✗ | yes |
| Correction: Wave C ends beyond the end of Wave A | almost always | ✓ | yes |
| Cycle II is a zigzag / zigzag combination (wave-two personality) | usually | ✓ | yes |
| (C) of Ⓦ contracting ED: W3 shorter than W1 (13.24 vs 13.15) | usually | ✗ | yes |
| (C) of Ⓦ contracting ED: W5 ends beyond the end of W3 (71.25 < 71.73) | usually | ✓ | yes |
| (C) of Ⓦ contracting ED: W5 ends at/slightly beyond the 1-3 line (71.25 vs 69.99; 0.16 of channel width short) | usually | ✗ | yes |
| (C) ED: W4 ends within W1 territory (78.43 in 78.00-91.15) | almost always | ✓ | yes |
| (C) ED: W2 and W4 each retrace 0.66-0.81 (0.530 / 0.506) | usually | ✗ | yes |
| (A) of Ⓧ 71.25→78.42 contracting LD: W3 shorter than W1 (4.56 vs 4.95) | usually | ✓ | yes |
| (A) of Ⓧ 71.25→78.42 LD: W2 and W4 each retrace 0.66-0.81 (0.661 / 0.539) | usually | ✗ | yes |
| LD in the 1/A position followed by a deep retracement (0.605 of the advance) | typically | ✓ | yes |
| Primary Ⓦ zigzag: Wave C about the same length as Wave A (C/A = 0.573) | often | ✗ | yes |
| Primary Ⓦ zigzag: C ends on the line from end-A parallel to startA→endB (71.25 vs 50.45) | often | ✗ | yes |
| Primary ⑤ rising ED implies a decline at least to the diagonal's origin (62.16) | usually | ✓ | yes |
| The X wave is a zigzag | often | ✓ | yes |
| A steeply sloped W-X-Y reads as a double zigzag rather than a double three | usually | ✓ | yes |
| Layer | Timeframe | Current wave | Direction | Bias | Key support (€) | Key resistance (€) | Aligned |
|---|---|---|---|---|---|---|---|
| Macro | Monthly | Cycle II (down) | ▼ down | Bearish | 62.16 / 67.28 | 91.15 / 110.88 | ✓ |
| Primary | Weekly | Primary Ⓧ (up) inside Cycle II | ▲ up | Corrective rally | 71.25 / 74.08 | 84.04 / 91.15 | ✓ |
| Intermediate | Daily | Intermediate (C) of Ⓧ (up) | ▲ up | Bullish | 74.08 / 75.03 | 78.42 / 81.25 | ✓ |
| Minor | 1-Hour | Minor 1 of (C) (up) | ▲ up | Bullish | 74.42 / 75.03 | 78.31 / 78.42 | ✓ |
| Minute | 30-Minute | Minute (i) of Minor 1 (up) | ▲ up | Bullish | 75.03 / 75.46 | 76.30 / 77.11 | ✓ |
| Setup | Entry zone | Targets | Stop | Confirmation |
|---|---|---|---|---|
| Long — Intermediate (C) of Ⓧ | €74.10 – €75.60 (0.5-0.618 grid of the 71.25→78.42 advance) | €78.42 → €81.25 → €84.04 | below €73.99 (0.618) — hard stop below €71.25 | 2 daily closes above €77.86 (base-channel upper line) |
| Add — base-channel breakout | on the confirmed breakout close | €84.04 → €86.39 | below the breakout close | close above €84.04 activates the €88.93 / €91.94 base projections |
| Short — bearish alternate | €79.50 – €84.00 (into the (C) 2-4 line) | €71.25 → €64.70 | above €84.97 | daily close back below €74.08 re-opens the low |
All five timeframes point the same way right now — up — but they do not mean the same thing. The monthly and weekly layers are describing a counter-trend advance inside an unfinished Cycle-degree correction: price is still under the falling SMA_200 (€80.12) and SMA_100 (€76.99), and SMA_50 (€75.65) sits below SMA_200, a death cross that supports a corrective reading. The daily, 1-hour and 30-minute layers agree on the immediate direction, with the 24 July reversal (low €74.08, close €76.03, heaviest volume into the close) confirming the Intermediate (B) low. There is no cross-timeframe conflict to flag; the tension in this report is not between timeframes but between degrees — a completed lower-degree ending diagonal (bullish) against the unmet downside implication of the higher-degree Primary ⑤ ending diagonal (bearish). That is exactly what the primary count reconciles: rally first, then one more leg down.
| Wave | Start | End | Start price | End price |
|---|---|---|---|---|
| Intermediate (C) of Ⓦ · Intermediate | 2025-10-24 09:00 | 2026-06-22 15:00 | 91.15 | 71.25 |
| Minor 3 of (C) of Ⓦ · Minor | 2026-01-09 16:00 | 2026-05-12 09:00 | 84.97 | 71.73 |
| Minor 4 of (C) of Ⓦ · Minor | 2026-05-12 09:00 | 2026-06-05 17:00 | 71.73 | 78.43 |
| Minor 5 of (C) of Ⓦ · Minor | 2026-06-05 17:00 | 2026-06-22 15:00 | 78.43 | 71.25 |
| Primary Ⓧ · Primary | 2026-06-22 15:00 | — | 71.25 | — |
| Intermediate (A) of Ⓧ · Intermediate | 2026-06-22 15:00 | 2026-07-17 15:00 | 71.25 | 78.42 |
| Minor 1 of (A) · Minor | 2026-06-22 15:00 | 2026-06-30 09:00 | 71.25 | 76.20 |
| Minor 2 of (A) · Minor | 2026-06-30 09:00 | 2026-07-01 17:00 | 76.20 | 72.93 |
| Minor 3 of (A) · Minor | 2026-07-01 17:00 | 2026-07-13 09:00 | 72.93 | 77.49 |
| Minor 4 of (A) · Minor | 2026-07-13 09:00 | 2026-07-15 09:00 | 77.49 | 75.03 |
| Minor 5 of (A) · Minor | 2026-07-15 09:00 | 2026-07-17 15:00 | 75.03 | 78.42 |
| Intermediate (B) of Ⓧ · Intermediate | 2026-07-17 15:00 | 2026-07-24 09:00 | 78.42 | 74.08 |
| Minor a of (B) · Minor | 2026-07-17 15:00 | 2026-07-21 09:00 | 78.42 | 76.25 |
| Minor b of (B) · Minor | 2026-07-21 09:00 | 2026-07-22 15:00 | 76.25 | 78.31 |
| Minor c of (B) · Minor | 2026-07-22 15:00 | 2026-07-24 09:00 | 78.31 | 74.08 |
| Intermediate (C) of Ⓧ · Intermediate | 2026-07-24 09:00 | — | 74.08 | — |
| Wave | Start | End | Start price | End price |
|---|---|---|---|---|
| Cycle II · Cycle | 2025-03-10 | — | 110.88 | — |
| Primary Ⓦ · Primary | 2025-03-10 | 2026-06-22 | 110.88 | 71.25 |
| Intermediate (A) of Ⓦ (leading diagonal) · Intermediate | 2025-03-10 | 2025-09-30 | 110.88 | 76.15 |
| Minor 1 of (A) of Ⓦ · Minor | 2025-03-10 | 2025-04-09 | 110.88 | 86.14 |
| Minor 2 of (A) of Ⓦ · Minor | 2025-04-09 | 2025-05-02 | 86.14 | 98.36 |
| Minor 3 of (A) of Ⓦ · Minor | 2025-05-02 | 2025-08-01 | 98.36 | 76.78 |
| Minor 4 of (A) of Ⓦ · Minor | 2025-08-01 | 2025-08-22 | 76.78 | 88.44 |
| Minor 5 of (A) of Ⓦ · Minor | 2025-08-22 | 2025-09-30 | 88.44 | 76.15 |
| Intermediate (B) of Ⓦ · Intermediate | 2025-09-30 | 2025-10-24 | 76.15 | 91.15 |
| Intermediate (C) of Ⓦ (ending diagonal) · Intermediate | 2025-10-24 | 2026-06-22 | 91.15 | 71.25 |
| Minor 1 of (C) of Ⓦ · Minor | 2025-10-24 | 2025-12-15 | 91.15 | 78.00 |
| Minor 2 of (C) of Ⓦ · Minor | 2025-12-15 | 2026-01-09 | 78.00 | 84.97 |
| Minor 3 of (C) of Ⓦ · Minor | 2026-01-09 | 2026-05-12 | 84.97 | 71.73 |
| Minor 4 of (C) of Ⓦ · Minor | 2026-05-12 | 2026-06-05 | 71.73 | 78.43 |
| Minor 5 of (C) of Ⓦ · Minor | 2026-06-05 | 2026-06-22 | 78.43 | 71.25 |
| Primary Ⓧ · Primary | 2026-06-22 | — | 71.25 | — |
| Intermediate (A) of Ⓧ · Intermediate | 2026-06-22 | 2026-07-17 | 71.25 | 78.42 |
| Intermediate (B) of Ⓧ · Intermediate | 2026-07-17 | 2026-07-24 | 78.42 | 74.08 |
| Intermediate (C) of Ⓧ · Intermediate | 2026-07-24 | — | 74.08 | — |
| Wave | Start | End | Start price | End price |
|---|---|---|---|---|
| Supercycle (I) · Supercycle | 2008-10-10 | — | 35.86 | — |
| Cycle I · Cycle | 2008-10-10 | 2025-03-10 | 35.86 | 110.88 |
| Primary ① (leading diagonal) · Primary | 2008-10-10 | 2010-01-20 | 35.86 | 58.58 |
| Intermediate (1) of ① · Intermediate | 2008-10-10 | 2008-11-04 | 35.86 | 50.70 |
| Intermediate (2) of ① · Intermediate | 2008-11-04 | 2009-03-09 | 50.70 | 38.22 |
| Intermediate (3) of ① · Intermediate | 2009-03-09 | 2009-10-15 | 38.22 | 53.61 |
| Intermediate (4) of ① · Intermediate | 2009-10-15 | 2009-11-03 | 53.61 | 48.09 |
| Intermediate (5) of ① · Intermediate | 2009-11-03 | 2010-01-20 | 48.09 | 58.58 |
| Primary ② · Primary | 2010-01-20 | 2011-08-11 | 58.58 | 42.62 |
| Primary ③ (extended) · Primary | 2011-08-11 | 2015-08-06 | 42.62 | 100.55 |
| Intermediate (1) of ③ · Intermediate | 2011-08-11 | 2012-03-15 | 42.62 | 59.24 |
| Intermediate (2) of ③ · Intermediate | 2012-03-15 | 2012-06-04 | 59.24 | 52.91 |
| Intermediate (3) of ③ · Intermediate | 2012-06-04 | 2013-05-28 | 52.91 | 86.56 |
| Intermediate (4) of ③ · Intermediate | 2013-05-28 | 2014-02-06 | 86.56 | 67.92 |
| Intermediate (5) of ③ · Intermediate | 2014-02-06 | 2015-08-06 | 67.92 | 100.55 |
| Primary ④ · Primary | 2015-08-06 | 2016-06-24 | 100.55 | 62.16 |
| Primary ⑤ (ending diagonal) · Primary | 2016-06-24 | 2025-03-10 | 62.16 | 110.88 |
| Intermediate (1) of ⑤ · Intermediate | 2016-06-24 | 2017-05-15 | 62.16 | 92.46 |
| Intermediate (2) of ⑤ · Intermediate | 2017-05-15 | 2018-03-26 | 92.46 | 62.54 |
| Intermediate (3) of ⑤ · Intermediate | 2018-03-26 | 2022-04-11 | 62.54 | 106.08 |
| Intermediate (4) of ⑤ · Intermediate | 2022-04-11 | 2022-08-11 | 106.08 | 76.45 |
| Intermediate (5) of ⑤ · Intermediate | 2022-08-11 | 2025-03-10 | 76.45 | 110.88 |
| Cycle II (double zigzag) · Cycle | 2025-03-10 | — | 110.88 | — |
| Primary Ⓦ · Primary | 2025-03-10 | 2026-06-22 | 110.88 | 71.25 |
| Primary Ⓧ · Primary | 2026-06-22 | — | 71.25 | — |