Stellar bounced and topped EXACTLY as expected. It had topped and was waiting for the King to move. Now we have a market wide correction under way.
Per my analysis of the waves, looks like we have finished wave 3. Now we look to follow wave 4 down for another round of longs. Plotted are two possible paths, darker Blue being the ideal one.
See my previous analysis mapping the bottom:
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( ( PING ) )
Got a very clean Ping exactly where hoped Lets see if we cant get a wave 5 going here
Wave 4 bounced between my two zones, but not from thin air The green 2.236 was a bit of a surprise bounce. 2.236's are normally not this strong. Usually the big brother 2.618 gets all the glory. So that was a rather bullish bounce, but not as strong as a 2.618 bounce would have been.
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Zoom IN on the last leg up and adding a fib Looks to be a good fit. Numerous pings on the levels even if later pierced. Initial wave ended at 5.236, a common EndPoint.
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Zoom OUT a bit with above fib included, and possible EW structure for our proposed wave 5 Puts us a bit shy of the original target, unless this subwave 5 extends quite a bit . Blue 7.236 near the bottom of our target zones still makes the target a good possiblity.
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SUMMARY - Wave 5 is well underway, Currently in a "wave 5 of 5" - Original target may prove too optimistic but still quite viable.