I think we are in a wave 4 of 5, and still have a w5 of 5 to go. Of course, betting on w5 of a w5 is NEVER a good idea, so just putting this out there for practice.
Wave 5's are notorious for not extending beyond the 3 (double bottom) or having completed already within the 3. So this is JUST for fun, but lets see how it plays out.
I am confident the price will at least NOTICE my zones when it gets to any of them.
Background: The above is a follow up to my previous Idea which called for the bounce
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UC might be turning at my first resistance zone. Or at least it is noticing it and has to regroup to break it.
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UC loves to double test resistance, and looks to be doing so. Lets see what happens here, will be very telling
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Here we are, the moment of truth
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Since last update, UC did drop quite a bit from that double top in pic above. But then came econ news and Trump. And now we have this pesky -1.618 extension holding things up. I still think it wants to finish a wave 5 down.
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Sure enough, that pesky 1.618 fib looks to have bounced it. So I guess we had a 'truncated' wave 5.