The chart shows that we have confirmed our A and B point of the ABC correction wave. Where next?
We expect to see a standard 12345 impulse wave down to complete Wave C.
Breakdown of Wave C:
Wave 1 extends down to $8770 and then corrects to $9480, retracing to the 0.618 Fib line.
From this trend, we can make a prediction as to how low Wave C will go, simply by using the Trend-based Fib Extension tool.
Wave 3 will usually touch the 1:1 Fib extension line, which is roughly around $8350. Wave 5 usually attempts to make contact with the 1.618 Fib extension line, around $7700.
We will take this as it comes.
We expect to see a standard 12345 impulse wave down to complete Wave C.
Breakdown of Wave C:
Wave 1 extends down to $8770 and then corrects to $9480, retracing to the 0.618 Fib line.
From this trend, we can make a prediction as to how low Wave C will go, simply by using the Trend-based Fib Extension tool.
Wave 3 will usually touch the 1:1 Fib extension line, which is roughly around $8350. Wave 5 usually attempts to make contact with the 1.618 Fib extension line, around $7700.
We will take this as it comes.