6E 233T: I saw this on my chart and thought it was a textbook example of sub-waves.  Below, you can see the 5 Elliot Waves form and how the oscillator reflects these waves.  (The waves on the chart are also labeled on the oscillator.)  After wave 5 formed, an expected large retrace happened.  On a larger scale, this 5 wave formation are just "sub-waves" of a larger "wave 3" down.  The blue arrows show the larger, 5-wave movement.  

In this case, the larger 5-wave move failed to make a lower low. You can see the great divergance on the osc as this large, Wave 5 formed.

Lesson