Could be that we have just completed a wave 5 finishing off a wave 3. The current downturn may be signalling the beginning of Wave 4.
The last correction, wave 2, lasted approximately 3 months. Sometimes wave 4s can last a long time and display many different formations. The eventual Wave 5 should challenge the last major high, just under $20. I'm projecting that it will overshoot, going to a gap above $25 and then testing the breakout area ($20).
I will be watching price on Monday or Tuesday to rally and test Wednesday's high. Given the current strength in the recent move, I expect price to break through to higher highs. But a failure to make new highs may confirm that Wave 4 is beginning.
The last correction, wave 2, lasted approximately 3 months. Sometimes wave 4s can last a long time and display many different formations. The eventual Wave 5 should challenge the last major high, just under $20. I'm projecting that it will overshoot, going to a gap above $25 and then testing the breakout area ($20).
I will be watching price on Monday or Tuesday to rally and test Wednesday's high. Given the current strength in the recent move, I expect price to break through to higher highs. But a failure to make new highs may confirm that Wave 4 is beginning.
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