Potential for an End of Wave 5 Projection to the downside.
There has been a sharp rapid pullback of W2. W3 is a 2.618 retracement of W2 (longest wave) and W3 has pulled back right to the beginning of W2. As W2 was such a steep pull back, it is expected that W4 would be a less steep and more complex pattern. W4 is a less steep corrective wave and has pulled back to a suitable area and then has become a more complex pattern. Have set targets around the 61.8 and 100 Fib expansion, however this pair looks more likely to end around the 61.8 area or even earlier. Will try to hold and see if it can move to the 100 Fib target area.
There has been a sharp rapid pullback of W2. W3 is a 2.618 retracement of W2 (longest wave) and W3 has pulled back right to the beginning of W2. As W2 was such a steep pull back, it is expected that W4 would be a less steep and more complex pattern. W4 is a less steep corrective wave and has pulled back to a suitable area and then has become a more complex pattern. Have set targets around the 61.8 and 100 Fib expansion, however this pair looks more likely to end around the 61.8 area or even earlier. Will try to hold and see if it can move to the 100 Fib target area.
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Trade closed. Stop loss hit.