Our C wave clearly hit the .786 fib level, very respectable level.(I acknowledge the WXY corrective pattern as well being valid. Every one agrees up to here. this is where it ends) We went impulsive with little conviction. We encountered stiff resistance at the .50 (to be expected). The retracement from that impulsive wave is sitting in the golden pocket, (.618) currently. It could bounce at this level and keep on going, or drop
down .786(yet again). If it gets to the .786 and holds, then we have formed a sweet technical double bottom
. This will be cause for momentary joy only to let the next step of the journey play out.
Of course the Bear is going to say my yellow "C" wave would be his "A" wave. My "1" wave is his "B", and C... well I don't want to talk about that target area just yet. I acknowledge and prepare myself for both situations as any skilled trader would. I keep my losses small and my wins as large as possible over time.
I am not a financial advisor. All investments have risk. Your decisions are your own. Do your own analysis. Mine is but perspective and opinion. Happy trading!