Assuming that 1st cycle is done with the 5waves (Green), we corrected to the 0.5Fib blue line, this is also blue subwave2 of the 5th wave, and since 5th wave was extended, guideline is that correction goes till subwave2 of 5th wave. That is good confluence
The correction itself appears to be a double ZigZag where (Y) is 0.618 of (X). The A & C internal waves of each of WXY are of equal length
I expect a minimum target to the blue box
Note that an alternate bearish count is that this is a triple ZigZag and after reaching the blue target box we drop down to the 0.618 Green target box (red dotted arrow path)
For now ROI is good for bulls
The correction itself appears to be a double ZigZag where (Y) is 0.618 of (X). The A & C internal waves of each of WXY are of equal length
I expect a minimum target to the blue box
Note that an alternate bearish count is that this is a triple ZigZag and after reaching the blue target box we drop down to the 0.618 Green target box (red dotted arrow path)
For now ROI is good for bulls
If this is a triple zigzag, assume this is X wave completed & then a drop to lower support levels (blue/green lvls)
If not, expect correction and then continuation, can't make a new low