Wave (4) is unfolding in a complex WXY pattern. What I see now is that the W wave was a and that we could possibly be seeing the formation of a contracting triangle in the X wave position. It’s still early in the formation of this possible triangle so until we see the leg C and D form, it can’t be confirmed. If we do see the legs C and D form, then I can say with a high degree of certainty that leg E will form and that will present us a nice trade opportunity. So the operative word here is: PATIENCE! This will be followed by the Y wave which should take prices even lower. Most likely down to the 1.33900 – 1.34000 level where it is the .786 retrace of the previous wave (3).
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