I'm looking for an ABC correction with wave C currently in progress. We are testing the low for what I counted to be the low for wave A. For the traders; we either see a bounce (probably short lived) or a break, in either case this will result in a consolidation above or below the non-horizontal . I will be looking for the end of the consolidation and use this in my favor by trading the next move based on structure. In terms of wave count I expect this consolidation around the low for wave A to be a wave 4 of wave C.
Updates will follow.
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