It is at a weekly 800MA and trend line along with equal length to first wave, although extremely impulsive. I would think we may get a 23-38% retrace possibly, or it might consolidate to make one more push. I expect a correction either from here or the 1.236 level with the possibility of a deeper retracement depending on what kind of wave pattern it chooses to make. Right now, looks impulsive. Just saying 5 bucks seems to be an important area. It does not have to respect this trend line, but the fact it is at the 800MA on weekly makes me think if it were to spike up through it and hit 1.236, it should pull back down.
Comment:
That should be in an uptrend BTW, but it doesn't mean it can't create a running flat or something.