Based on the theory that the drop to 1833 was a 1st wave:
1. An ABC correction (apparently a running flat) then rose up to 1995.4, making a 50% retracement of the drop to 1833 from 2137. I label that as a 2nd wave.
2. Then from 1995.4 to 1901.6, there was a downward impulsive wave which appears to be an initial minor wave of a 3rd wave.
3. That was followed by an ABC correction (a zigzag) up to 1960.2 which retraced quite exactly 61.8% of the preceding drop.
4. Provided 1995.4 is not exceeded, I am now expecting a 3rd of a 3rd wave to reach down, at minimum, to 1808, which would represent a typical 1.618 extension of the impulse wave described in point #2 above. The subsequent downside target might be in the high 1700 range (1772-1791?) to end the 5th wave of this small impulse from 1995.4.
I believe these are only the beginning waves of a much deeper decline and will assess the count based on further developments, as always.
1. An ABC correction (apparently a running flat) then rose up to 1995.4, making a 50% retracement of the drop to 1833 from 2137. I label that as a 2nd wave.
2. Then from 1995.4 to 1901.6, there was a downward impulsive wave which appears to be an initial minor wave of a 3rd wave.
3. That was followed by an ABC correction (a zigzag) up to 1960.2 which retraced quite exactly 61.8% of the preceding drop.
4. Provided 1995.4 is not exceeded, I am now expecting a 3rd of a 3rd wave to reach down, at minimum, to 1808, which would represent a typical 1.618 extension of the impulse wave described in point #2 above. The subsequent downside target might be in the high 1700 range (1772-1791?) to end the 5th wave of this small impulse from 1995.4.
I believe these are only the beginning waves of a much deeper decline and will assess the count based on further developments, as always.