Reposting due to downvote.
The Southern Company (SO) is undergoing a topping process for white wave 5 which would conclude a full impulse move. The below chart shows that a top is not necessarily an event, but a process involving price, pattern and Elliott Waves.
The ABC is shown as an Expanded Flat type. This makes the price to be in a red C wave down sequence which consits of five subwaves. The blue subwaves of white 5 qualify the label and the B wave is certainly above the origin point of red A; which is what an expanded flat is.
IF the red 3 and 4 of C actually generate the RS (purple) of a potentila H&S Top; the implications can be quite scary. The purple line shows that IF such a bearish H&S event gets completed and confirmed in price and volume, then price potential could be as low as $0.44!!
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