Up to 1520 and then down to 1420
Previous forecast based on an assumption that we are in wave C of running flat has been invalidated since assumed wave 4 has touched wave 1.
Also it is clear that correction is not yet over. First wave down (yellow ellipse) has 3 wave structure, so we should expect the correction to form a flat 3-3-5. So the last wave should have 5 wave structure with condition that sub wave 3 is not the shortest. Looking at red ellipse - it is impossible to subdivide into 5 without breaching the 3rd wave rule.
This leads to a new hypo that wave B of the big flat correction is not yet over - it forms an irregular flat. This actually makes perfect sense for the correction of May-Sep bull trend to take a bit more time.
So what do I expect now:
Also it is clear that correction is not yet over. First wave down (yellow ellipse) has 3 wave structure, so we should expect the correction to form a flat 3-3-5. So the last wave should have 5 wave structure with condition that sub wave 3 is not the shortest. Looking at red ellipse - it is impossible to subdivide into 5 without breaching the 3rd wave rule.
This leads to a new hypo that wave B of the big flat correction is not yet over - it forms an irregular flat. This actually makes perfect sense for the correction of May-Sep bull trend to take a bit more time.
So what do I expect now:
- One more leg up to 1520 area to complete sub wave C of B of the big flat
- Five wave down to 1420 area (1.272 extension of A)
Komen:
Possible near future development
