Lumber futures has been following this hyperwave like klockwork. With the help of fib. retracements and extensions it has been no surprises. Now I am pretty confident that it is going back to the horizontal phase 1 baseline. At least to the upper line.
I am not actually trading this thing but i use it as one of my indicators. When it hits the phase 1 line I suspect that there will be an deflationary impulse in other markets too. Someone is getting hurt. Time will show who that is and what happens as a consequence.