This a simple setup and one that most Elliotticians try to get on the end of, ie buy or sell depending on the direction, as the next move is what is referred to as a "3rd of 3rd"
So it starts off with a simple suspected waves 1 & 2, and then you see a smaller series of waves which is another suspected waves 1 & 2, which are part of the 3rd wave, but as a 3rd wave in a 5 wave impulse sequence is generally the longest move the middle section known as the "3rd of 3rd" is the real meat of a move and is essentially the move that you want to trade, as Elliotticians this is most likely the best part of the move and the most profitable if you can get on or near to the end of the 12,12 as it sets up a big move in the general direction of the previous 12,12
The 12 12
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