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Kellog Company (K) is showing an impulse sequence where waves 1,2 and 3 are complete (white) while 4 is in progress. This correction can't overlap the peak of wave 1 per Elliott rule and this is why it usually retraces 0.38 Fib level of wave 3. IF there is an overlap, then this count is invalidated.
The subwaves for qualify the higher degree of trends. Per the rule of alternation, white wave 4 is labeled as an abcde; though it could morph into any of the 34 possiblities. Since wave 2 was a simpl type, wave 4 is expected to be more complex in sequence.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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