2nd corrective wave;
where B was a perfect 61.8
retracement which set up for a
pattern, but on
friday price reversed on C point;
which disallowed the
Whenever a target misses;
there is always a possibility of a
double to be formed hence
I am drawing this chart with an
expectation to see a X leg
which should end somewhere in the
vicinity/range of B; after which a
double pattern should resume
and stay in line with the current view.
However if the top of B gets taken
out or if we don't see an A wave below
C(w) then this count is invalidated and
it could be safe to assume that a
wave has begun.
An alternate view is seen in the red arrow
which is based on the assumption that
1312 resistance will not be taken out.