Might be excessively bearish but if this truly is an ABC correction, we might take out March lows.
Following a 5-3-5 zigzag pattern, this leg should have 5 waves in it.
We might still be completing the first of the first wave, hence Monday's and Tuesday's price action will be telling.
Let me know what you guys think!
The bullishness in the last few trading days suggests this market wants to head higher.
Putting the bearish bias aside, there might be a possibility of pushing up to ATH by September/October.
This may be followed by a C Wave down as schools and major businessed start to open, allowing the fundamentals to come into play.
Currently, I believe the second wave of...
Possible 5 wave leg.
Fib levels lining up with support and resistance levels so this may be a high probability trade.
After this wave is complete, there is possibility of being stuck in a range until Q2 GDP Figures.