I assume a corrective pattern - at its final stage of completion.
Given its wave structure, this is a EW flat:
- wave A - a three-waves correction (zigzag)
- wave B - a complex wave, a double zigzag
- wave C - due to its impulsive trajectory - is a wave C, that terminates the whole structure. Impulse so for is unfolding within a very clear Fibo path.
The final impulse in the wave (c) should be confirmed with the RSI - I expect a rebound from level 50 RSI to the upside (confirms the end of wave iv of (c), and tests the high - forming a divergence, supporting the assumption with the end of wave (c) -> end of a flat.
Need a confirmation, or - as a classical entry for flat patterns - a sell stop at the level of wave iv of (c).
Targets:
Minimum target - hit 90%+ -> 1,382 Fibo level based on the size of the flat (distance covered from its start to the wave (c))
Expanded target - x2 size of the flat (or, alternatively, may me set as 1,618x size of the wave (c))
trade safe!
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