The long correction June/July this year is more proportional to suggest it was a completion of a previous wave cycle, rather than a simple 50fib correction on a larger Wave 1. If we did indeed label it as Wave 1 It would not abide by the rule of directional termination zones, while calling for a greater correction too soon in order for W3 to meet length criteria.
This suggests that the current cycle started sooner than some may interpret, which allows wave 3 to extend proportionately into a acceptable termination zone, and creates a strong confluence on the 61fib retrace from a 6700 target (also meeting with top trendline). The retrace also falls on the previous resistance, which may act as support... again.
In addition I have used speculated W3 and W4 to project a fib extention of 100% which also meets with upper trendline for completion of W5 (again acceptable termination zone.
NOTE* 6700 > 5000 dip - if this is extended out over greater time that the duration approximated, Wave 5 target may be dramatically increased. Targets I believe are sound, but W4 duration I am less confident on.
This suggests that the current cycle started sooner than some may interpret, which allows wave 3 to extend proportionately into a acceptable termination zone, and creates a strong confluence on the 61fib retrace from a 6700 target (also meeting with top trendline). The retrace also falls on the previous resistance, which may act as support... again.
In addition I have used speculated W3 and W4 to project a fib extention of 100% which also meets with upper trendline for completion of W5 (again acceptable termination zone.
NOTE* 6700 > 5000 dip - if this is extended out over greater time that the duration approximated, Wave 5 target may be dramatically increased. Targets I believe are sound, but W4 duration I am less confident on.