A Wave 2 ZigZag
has completed at the .618 retracment of Wave 1 which is a strong indication the correction has complete. The price has already made a bounce from this level and seems to be in a correction which has probably has further downside before the up move. This initial bounce could be the beginning of a Wave 3. The larger picture shows this Wave 3 could be part of a Wave 3, this means it is likely going to be a strong impulsive move.
I will be setting a conservative pending entry at the break of Wave B of the ZigZag
At the extreme of Wave C of the ZigZag
The target marked on the chart is a 1.618 multiple of Wave 1. There is potential for a more upside after this level. As always I will monitor pattern over setting a hard take profit.