We are probably in the 4th wave of a 5 wave structure. Therefore the price has two confluence zone where it will retrace. I guess it will be the 2nd confluence zone which will end the 4th wave to start wave 5 down.
Comment:
Thanks to a trader who spotted a mistake I made, I updated this chart in another idea. The mistake was, that the 4th wave couldn't have a wave internal subdivision and it shouldn't overlap the end of the 1st wave. So the main target will be the 1st confluence zone.
