My Notes:
We are in the end of a corrective wave (may be wave 2) of the main bull wave.
Why:
1/ This is not a impulse wave, because there is a overlap of wave 4 and wave 1 (pink line).
2/ The ABC also in form of 5-3-5 waves
3/ The bottom of the retractment of main bull trend (major wave 1) @61.8% fibo level.
Next, I am looking at the development of current wave: This is an impulse wave which had developed wave 1,2,3,4. If price breaks the pink line, this is a wave 5 (this is the 5 waves of major wave 3)
If price fail to break pink line, it may make a E wave.
We are in the end of a corrective wave (may be wave 2) of the main bull wave.
Why:
1/ This is not a impulse wave, because there is a overlap of wave 4 and wave 1 (pink line).
2/ The ABC also in form of 5-3-5 waves
3/ The bottom of the retractment of main bull trend (major wave 1) @61.8% fibo level.
Next, I am looking at the development of current wave: This is an impulse wave which had developed wave 1,2,3,4. If price breaks the pink line, this is a wave 5 (this is the 5 waves of major wave 3)
If price fail to break pink line, it may make a E wave.
