At times like this, when the main and alternate counts are diametrically opposed, the following passages from Chapter 3 of Frost & Prechter’s “Elliott Wave Principle” seem particularly appropriate:

• “Trading with the Elliott Wave Principle helps you remain both flexible and decisive, both defensive and aggressive, depending on the demands of the situation.”
• “The Elliott Wave principle is a means of first limiting the possibilities, and then ordering the relative probabilities of possible future market paths.”
• “Because applying the Wave Principle is an exercise in probability, the ongoing maintenance of alternative wave counts is an essential part of using it correctly.”
• “Of course, there are often times when, despite a rigorous analysis, there is no clearly preferred interpretation.  At such times, you must wait until the count resolves itself.”