Based on the two previous impulse waves, wave (5) should reach over the trend line copied from linking end wave (3) and (4). This coincides with 1850 and the 200D MA, Weekly close will be very important going into May.
Comment:
Explainer from comments:
"The first wave is impulsive (up) the second wave is corrective (Sideways, and often down) before the third wave, which is most powerful and never the shortest.
The chart shows an expected 3 impulse (sub) waves, to 1850 ish that all combine into the first impulse wave from the bottom. I.E. wave 1 started on the 31st March and will end on 30th of April, May could be sideways, with June being explosive."
"The first wave is impulsive (up) the second wave is corrective (Sideways, and often down) before the third wave, which is most powerful and never the shortest.
The chart shows an expected 3 impulse (sub) waves, to 1850 ish that all combine into the first impulse wave from the bottom. I.E. wave 1 started on the 31st March and will end on 30th of April, May could be sideways, with June being explosive."
end of month is interesting for Comex reasons, but also coinciding with big week of earnings AND FED meeting. Any mention of inflation or rates will be relevant.
Expecting a big 'non-believer' wave 2 correction below the 200D MA, similar in character but a larger fractal to the challenge of the 50D MA on the 8th of April, at 1760.