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.
the Trading View is my Nation.
the Moderator Tag is my Flag.
Best of luck with your trades, at least we have some volatility again!