"WHAT TO EXPECT
Now that it seems that the initial move wave (1) of a possible larger move up has commenced, I am expecting that we will be seeing prices drop back down slightly and complete the wave (iv) of (1) and then up again in a wave (v). But this being a wave (1), after it completes probably around where I show it completing, expect that the wave (2) that follows will be deep and may retrace almost all of wave (1) retesting the lows. When it does this, provided the lows aren't broken, buying the end of wave (2) will be the main objective. "
Off that wave ( iii ) high, prices have now started to descend in that wave (iv) as I had predicted. And within that wave (iv), it would seem as if the wave (a) of (iv) and wave (b) of (iv) have finished. Now prices are declining in a wave (c).
In this wave (iv), there is one pattern of note right now and that is a POTENTIAL Bat (yellow) that would complete right near the MAJOR SR Structure below. That is where I think wave (c) will finish. I've also placed on the chart a POSSIBLE that roughly outlines what I think will happen in the course of this correction.
WHAT TO EXPECT
Prices should decline into that MAJOR SR Structure below. Then we should see a bounce from there.
MY TRADE PLAN
When prices hit that MAJOR SR Structure below and completes that Bat, I may be in the market for a LONG position.
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