It looks like the end of the 5th Wave, where Wave 1 was extended and 3 & 5 made up .618 - Wave (5) is a contracting ending diagonal and It is bounded by two converging trendlines (red). A swift and sharp reversal usually brings prices at least back to where the diagonal began and usually far further. The reversal usually takes anywhere from one-third to one-half the time that it took the diagonal to form. In other words, it wouldn't take any longer than 40 days to complete the correction.
20 - 25% correction?
20 - 25% correction?
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