Why is this framework important and what are some of the RULES to follow when you chart:

1- WAVE 3 is always the most powerful one

2- A pull-back, in this case WAVE 4, cannot go under WAVE 1. That is a basic rule for ELLIOT WAVE, it was respected this time

3- Major levels that coincide with FIBONACCI Retracements have to be respected

These RULES have been followed in this chart making the $ 2,000 level a MUST HOLD for the asset to continue the TREND HIGHER. If that level breaks with conviction the UPTREND is negated.