So from my minimal knowledge on EW's...
- **Guideline** Wave 2 finishes between the 50% 61.8% Fib (yellow box)
- **Rule** Wave 2 is it will never retrace more than 99.99% of wave 1 (red box, *AKA:* ***Danger Zone!*** - *Thanks Archer*)
- **Guildline:** If Wave 2 is sharp, then Wave 4 will be flat (and vice versa)
Looking at the 4Hr, we could be very well near the end of wave two.
**If** we go anywhere up to 6841 - *Which is a stretch, there is a LOT of resistance preventing such a move*
We might even tap the 74.6% Fib at 6600 then begin the fall for wave 3.
Based on where Wave 2 retraces, the next target is in the green box. It could be as short as 5730 or as far down as 4586. With the Key area being between 5257 and 5063
- **Guideline** Wave 2 finishes between the 50% 61.8% Fib (yellow box)
- **Rule** Wave 2 is it will never retrace more than 99.99% of wave 1 (red box, *AKA:* ***Danger Zone!*** - *Thanks Archer*)
- **Guildline:** If Wave 2 is sharp, then Wave 4 will be flat (and vice versa)
Looking at the 4Hr, we could be very well near the end of wave two.
**If** we go anywhere up to 6841 - *Which is a stretch, there is a LOT of resistance preventing such a move*
We might even tap the 74.6% Fib at 6600 then begin the fall for wave 3.
Based on where Wave 2 retraces, the next target is in the green box. It could be as short as 5730 or as far down as 4586. With the Key area being between 5257 and 5063