We're in: - III Cycle Wave (purple) - (2) Intermediate Wave (blue) - C minor leg (red)
In my humble opinion, we might be right in the ABC correction. Next buy zone - red rectangle.
However, to validate this count we need to break through 2 support lines before it gets there.
On the bottom - major support line (it coveres with 0.786 level - very bottom of possible retracement.)
On the other hand I believe there is a small chance to break down through 0.65 fib retracement as there also we find a strong support ( which is also a resistance for previous wave 3.
Targets: 1:1 extension (blue) 1:1.618 (green)
Trade closed: target reached
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It bounced off the support line. Hence, the idea is cancelled.