Or the Rally is over and look out below for targets below 31.
There is a pretty clear EW set of outcomes for this situation from process of elimination.
Either I've counted wrong or there's one more leg up.
Clear preceding Impulse pattern UP
Decline in 3 waves
Possible EW count with 5th wave remaining.
mirror projection exceeded in Orange box.
mirror projection not achieved yet as wave 5 target 44 .50.
Price at Upper Fib cluster at 40.59 using the wave b (as labeled) high for a starting milestone.
Secondary Lower Fib cluster at 39.65 sitting right at the wave (3) highs
In a 3 wave geometric channel from the preceding wave 4 of one lesser degree.
Oscillators making hourly W patterns.
clearly in territory on .
Current momentum signature and hourly pattern, and EW rules show that
price can fall as low as 39.20 before invalidating a outlook
which is questionable Risk control.
Long 41.80 to 44 .50
Given the possible pattern outcomes from what is currently showing:
Anticipate that Price breaks the Red channel mid line to the Upside.
Or it breaks below 39.65 and keeps going below 31.
Alt count is in Teal color Roman. I see this as less probable because wave v in this scenario did not make a new high and leaves an unbalanced 7 waves up in the last rally into the highs when viewed on the 2 hour chart.
Momentum and larger proportion of the current correction are Ugly at the moment, but the fact that it's finding support at the upper Fib cluster with respect of that Red channel drawn from the preceding 4th is something that jumps out at me.