After the market, bounced off the 38.2% ( shown on the chart above, the market has continued to post higher highs and higher lows with no disruption.
Based on principles, the market has gone from A to I, while waiting for the J wave to complete.
(the waves are based of touches off the kijun, for my analysis)
Also, the chart is representing a V wave price pattern or a price theory pattern. Which in this case D is different then the d wave ( Capital D is representing wave D, while the lower case d is representing d theory).
Notice how d price theory lined directly with the 161.8%.
Due to the nature of the market with the analysis of the waves being confirmed from price touching the Kijun that if a pull back should occur to the Kijun, J well be confirmed and that K will now have been confirmed as well. K well represent a pull back.
If the K wave should form before the 361.8% then the market may rally to the 361.8% or may rally to the 423.6%.
If the K wave should form after the 361.8%, then the market may rally to the 423.6%.
*Conformation of Wave K is when price touches the kijun.