Looks like what I suspected to be a wave 3 turned out to be a wave 5 of the same degree. If that is the case, then we have had 3 waves retracement and will continue down.
Exactly and this is where patience comes in as I am learning to deal with myself. You have to be able to know what type of news it is, you hav to wait for confirmation for the closing of candlesticks, and look@the bigger time-frames for a top-down analysis. All these factor in when observing the markets.