Since the wave (1) ended pretty much right where I expected it to end (at the blue B Point Line; and yes, it has been there the whole time and I did not just add it!), the wave (2) back down has been in play. Now, admittedly, I totally whiffed on selling that wave (2). But with the spike up provided by the RBZ, it now appears that we are seeing a clear ABC correction going on in wave (2) with the wave b possibly just completing with that spike up. So now, I am looking for the wave c down to begin.
For clarity, I removed the 2 patterns from the earlier charts that gave such a beautiful map heading up and were both filled nicely. Here's a look at them again since they are still relevant to this update:
Both those patterns led the way up and they both also pointed to the wave (2) down and both hit their respective TP1's easily. So who says patterns don't work? But now that those 2 patterns did their job, here I have identified another nice looking pattern that is helping to map out this correction. Yesterday's spike up has possibly established it's C point. The pattern is a POTENTIAL Bat that is playing out. I will be looking to trade it's CD leg down.
MY TRADE PLAN
I'm looking to get into a SHORT position here to capitalize on the wave c down. Waiting for some PA confirmation to take the SHORT trade right now (as of the time of this posting).
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