So now what I am seeing that is possible is that this whole corrective shebang may turn out to be a complex WXY with a barrier triangle in the wave Y position. And that triangle is only partly completed. In fact, the recent surge has just completed and maybe confirmed this barrier triangle. You see, that "surge could not break out of the recent highs and in fact when it stopped moving higher, it left behind a triple top. Something you see commonly in barrier triangles.
Should the triple top hold and prices start to decline back down, then that will go a long ways towards confirming that barrier triangle. But we will still need to see prices head down in the leg D of that triangle to be sure. If prices were to rise and break the highs where point A of the triangle is, then that will serve to invalidate it. At that point, we'll have to look higher to see a target. But for now, this is the scenario I am working under until it's wrong.
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