Usually a strong wave leads to another wave(s), thus an correction.
Three current possibilities are show, my preference being the middle one.
This is a SLIGHT chance that we have completed the retrace already.
That drop brought us exactly into a strong .
Hit play on Idea below, and notice where the drop stopped.
That drop MIGHT have been wave 4 and starting wave 5 now.
This is a followup to my Top call at 4150-4200:
Prior to that, I was calling for a 3400 bottom:
And thusly found bottoms and tops all the way back to my 7400 top call:
Close up shows that the red 2.618 was indeed formidable resistance Also shows that the red 4.0 was the bounce fib. So now watching the 3.0 for resistance.
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the Moderator Tag is my Flag
Wealthy I am not
Needy I hope not
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send When you Can
send What you Want
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Best of luck with your trades, at least we have some volatility again!