The first five waves up are now completed and the market has entered a corrective cycle in wave 2/a. It is hard to tell now whether the wave 2 has been completed now, but so far the move down is very shallow. My guess is the wave 2 will deteriorate towards the level of $7,500 before the uptrend will resume. The target for wave 3/c is seen at the level of $9,222.
Kommentera
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This is developing by the book: one more small sub-wave to the downside needed.
Whats your opinion?