The current price action is aiming the next demand zone as shown on this 30m chart. That impulse bearish movement, as expected, based on Elliot Principle, is about to happen. Bearish divergence on Chaikin Money Flow.
Just updating that 30m chart, in which price action (micro triangle break) seems to be igniting the terminal leg downward v of the impulse wave 3 inner a right-angled structure, likely an expanding ending diagonal. Plus hidden divergence on Chaikin Money Flow.
After the bullish 5 wave pattern,
it looks a little bit like a
corrective triangle pattern
has begun to form.
D Wave.
With the completion of
a double top pattern
at the 136 zone,
the D wave of
the triangle pattern
will have met its
61.8% Fib Level requirement
along the triangle trendline.
E Wave
The location of the projected
61.8% retracement from...
After the 2007 to 2011 bearish 5 wave pattern,
this Zig Zag Correction Pattern on the
Monthly time frame could be expected to complete
a retracement to, about, the 61.8% fib mark.
Only time will tell
