Is Wave C Complete, or Is the Correction Still Unfolding?Ethereum vs US DollarPEPPERSTONE:ETHUSDMehdi_Abbasi_EWPEthereum Following the broader structural outlook presented in the weekly analysis and the primary scenarios discussed in the daily chart, this 4-hour update focuses on the internal development of Wave C—the portion of the structure that may ultimately determine whether the higher-degree Wave (IV) correction is nearing completion. Conservative Scenario According to the rules and guidelines of the Elliott Wave Principle, Wave W appears to have completed as a Simple Zigzag, followed by Wave X as a Classic Zigzag. The market is currently developing Wave Y as a Flat Correction, with the structure so far remaining consistent with a Regular Flat. However, until Wave C is fully completed, the possibility of the pattern extending into an Expanded Flat remains valid. For that reason, the primary focus is on the internal development of Wave C, where the completion of a five-wave impulsive sequence will help determine whether the correction ends as a Regular Flat or evolves into an Expanded Flat through an extended Wave C. If Wave Y completes as expected, the higher-degree Wave (IV) would likely come to an end, allowing the market to transition into Wave (V). Under this scenario, the next objective will be to identify the beginning of a new motive sequence and evaluate the potential strength and extension of the fifth wave. Nevertheless, if the correction remains incomplete after Wave Y has finished, the structure may continue evolving into a Triple Three (W-X-Y-X-Z). In that case, Wave Z is not limited to a specific corrective pattern. According to the Elliott Wave Principle, it may develop as a Zigzag, Flat, Triangle, or any other valid corrective combination, provided that the structural, time, and price relationships between W, Y, and Z remain consistent with the characteristics of the completed pattern. Aggressive Scenario The aggressive interpretation presents a different structural perspective. In this view, Wave W is considered a completed Simple Zigzag, while the rally into the previous high is labeled as Wave X. Based on this count, the market is now developing Wave Y. Rather than forming a simple corrective pattern, Wave Y may evolve into a larger Double Three combination. As long as the internal structure of this wave remains incomplete, the end of the higher-degree Wave (IV) cannot yet be confirmed. Consequently, every bullish movement should be evaluated in terms of its internal structure, wave personality, and structural relationships before concluding that a new impulsive trend has begun. At this stage, the most important factor is not simply where price moves next, but how it moves. The emergence of a clear five-wave impulsive advance, accompanied by a decisive breakout from the corrective channel, would significantly increase the probability that Wave (IV) has been completed. Until then, any upward movement may still prove to be corrective in nature, leaving the broader correction structurally valid. This analysis is not a prediction of the future. It represents my structural interpretation of the market based on the rules, guidelines, and structural relationships of the Elliott Wave Principle. What you see here is the result of years of study, research, and practical experience dedicated to understanding wave structures and the language of the market. As new waves emerge, the market continuously provides fresh information that may refine—or even reshape—the preferred wave count. For that reason, Elliott Wave analysis is less about predicting the future and more about objectively interpreting what the market is revealing at every stage of its development. 📌 Note: If any part of these scenarios is unclear, I encourage you to review the previous analyses attached to this publication. This study is part of an ongoing structural research project, where each analysis builds upon the foundation established by the previous ones. 🌐 Intermarket Perspective: When appropriate, I also compare correlated and inversely correlated markets, as structural confirmation—or divergence—across related assets can provide valuable evidence in support of the preferred wave count. Price is the outcome; Structure is the cause. Patterns whisper. I listen. — Mr. Nobody | Elliott Wave Principle