Ascending EW base channel

The channel is made by drawing a parallel channel from the start of WAVE 1 to the end of WAVE 2 to the end of WAVE 1.
In EW channeling theory you will like to see a WAVE 3 which goes above the channel's top band- CHECK
For WAVE 4 you want to see a re-entry into the channel and preferably price-action not going down the mid band of it - CHECK
The objective of WAVE 5 will be a zone between the 1 to 1 ratio of WAVE 1 and the 132% of the WAVE 4. This zone is defined by the RED Rectangle in the chart!