I have not made a bet in one way or another as the play is not clear to me.
We're at the 76.4 retrace of a big move up from 2002 to 2007. Since 2007, there's a pretty clear ABC correction. I am unclear if ABC correction is complete. The move up from Jan 2016 does not look to be impulsive at this point, it could be a 1-2, 1-2 move. That said, 76.4 retrace area has been an area of resistance. If it breaks through this then it could extend to 0.6447 which is the 1.236 extension of the A wave down.
This is setting up to be inline with metals / commodities I'm looking at which are at a decision making point. Downward movement could coincide with metals moving down too and a reversal would be the same.
We're at the 76.4 retrace of a big move up from 2002 to 2007. Since 2007, there's a pretty clear ABC correction. I am unclear if ABC correction is complete. The move up from Jan 2016 does not look to be impulsive at this point, it could be a 1-2, 1-2 move. That said, 76.4 retrace area has been an area of resistance. If it breaks through this then it could extend to 0.6447 which is the 1.236 extension of the A wave down.
This is setting up to be inline with metals / commodities I'm looking at which are at a decision making point. Downward movement could coincide with metals moving down too and a reversal would be the same.