In my primary count, we´re currently in Wave 4 correction (Black). After this correction is finished, we should see a rally to new ATH´s.
The corrective channel is pretty clear (black), and I expect price to to down to the 110-140 range (yellow rectangle): - Blue wave 4 support; - 50% to 61.8% pullback for black wave 4; - 123.6% to 161.8% extension from Blue Waves A-B.
If the channel is broken (a daily close above $200, for example, then I´ll be bullish again and re-analyze.
@manroopsinghdhillon, I am also hoping that it goes straight up, since I have it in my portfolio... but if the analysis ends up being correct, I´ll just buy more :)