From this monthly chart, what is important to note is that I have labeled that long down move as a completed wave (3) and that the wave (4) retracement of that wave (3) has just begun. In this view, we could easily see wave (4) getting to 80 cents if not even higher.
In this weekly chart, the breakdown of the subwaves of the downtrend are visible. They are needed in order to justify the this wave count. The subwaves of the wave (3) down and the subwaves of the wave (v) of the wave (3) are also broken down here so as to be able to see how it is that I can count the main wave (3) as being done.
So from this , I’ve broken down further the subwaves count for the ending wave v of 5 of (v) of (3). And also started the count for the beginning of the wave (1) of what will be the larger wave (A) of the wave (4). This is assuming that wave (A) will end up being 5 waves and therefore setting up wave (4) to be a complex 5-3-5 ABC . Why do I assume this? Purely at this point because of the size of the wave (4) that I am expecting can only be a . Again, this is at this point purely an assumption. There is no corroborating evidence yet. But, gotta start somewhere.
So the wave count for the start of this wave (4) up in this wave (1) of Wave (A) shows that prices are now in the wave 3 of (1). And it does not appear that the wave 3 is yet done. It may finish near or at the MAJOR Daily SR Structures above. There are 2 POTENTIAL Crabs that could be marking the end of this wave (1) and then we would see a wave (2) retrace of (1) back down and that would challenge the lows of the larger wave (3).
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