I've now labelled green wave iii
complete on the 4 April
high. Yesterday's drop hit the 23.6% retrace of minute waves ii-iii right on the nose; this is a typical target for the a-wave
of iv. There's a remote chance that could have been ALL of wave iv, but I'm expecting another trip down to the 38.2% retrace in (c) of iv; again, a typical target. Fourth waves are among the trickiest. Range-bound trading may be the story for another week or so. Ultimately, I'm still expecting the down-trend line (DTL) from all-time highs to be taken out. Wave v of minor 1 off the Feb low should challenge all-time highs.
Yesterday's (a) wave low was a nice overnight trade long UVXY
. Out right near the bottom (top on vol).