With an impulse up formed at close from yesterday's 3877 low, the 3970 high marks the completion of W2 to set up for the bearish W3 breakdown out of this consolidation period.
W3 should begin by retracing the majority of the recent rally targeting 3843-3808, for w1 of W3.
Ultimately, there is a high probability target range for the W3 decline, which includes the 78.6% retracement from the October 13 low and 90-100% extensions of W1. Those are 3667-3635-3622.
A fourth wave rally will follow after W3 is complete to be followed by a fifth to complete (W1).
W3 should begin by retracing the majority of the recent rally targeting 3843-3808, for w1 of W3.
Ultimately, there is a high probability target range for the W3 decline, which includes the 78.6% retracement from the October 13 low and 90-100% extensions of W1. Those are 3667-3635-3622.
A fourth wave rally will follow after W3 is complete to be followed by a fifth to complete (W1).