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.
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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.
4-th wave never goes above 1st and can't consist of 5 subwaves.
phi35
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Yeah you're right. Thank you for spotting the mistake Mikhail. The 4th wave will then end in the first confluence zone that was calculated, after completing its 3 legs.
MikhailOzone
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Yen can make ABC correction to retest 101, after that we'll see.