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UPDATE 8:22PM: Channeling can get confusing but its pretty simple and helps. Channels occur at all degrees. Indeed I have shown a Supercycle channel in the past. Channels help guide the fractals within fractals.
In a perfect Elliott Wave world, channels would be neat and concise. But social mood, although a fractal, is free to deviate. Additionally the effects of inflation can distort nominal prices (for a while). But eventually it all works out.
If Minor 1 was to form in an ideal manner (they never do), here are the various (potential) channels in a nutshell:
The problem is the DJIA and SPX differ greatly in channels at the moment. The DOW lacks a huge base channel for now due to it topping on May 2nd.
Top two competing counts:
1. Minute [iv] of Minor 1 down:
The sideways price action over the last few days looks like a corrective wave four so we will go with it as primary count.
The downchannel has been broken out of a bit and the entire drop of 1000+ points may require a correction. Best count would be Minute [ii] up.
Obviously the counts above are not particularly compatible with each other. So the waves need to shake out some more.