The June decline appeared to be impulsive, given the 3 consecutive lower lows. But because the beginning of that decline was taken out, that leaves a flat on the table (3-3-5 structure). I suspected that from the beginning because the last wave was not a clean impulse, which meant it is likely a b-wave low.
This looks to be an ED (ending diagonal), or the entire big B wave could be a triangle. Doesn't really matter which is which at this point, as once it completes, we should see a C wave lower, taking off at least the A low (3000). I expect it to go much lower to be honest (2850 would be my 1st target, 2650 my 2nd one).
This looks to be an ED (ending diagonal), or the entire big B wave could be a triangle. Doesn't really matter which is which at this point, as once it completes, we should see a C wave lower, taking off at least the A low (3000). I expect it to go much lower to be honest (2850 would be my 1st target, 2650 my 2nd one).
