This is based on the futures so far from the top 4808-3502= 1300pts, and now in a counter trend move which is in progress from the low of 3502.
From 3502-4180= 680pts (A) then a consolidation from 4180-3790= 400pts(B), C=3790+680=4470(100%), 3790+768=4558(113%),3790+865= 4655.
The extension from 4327-3502= 4435(113%), 4552(127%)
Retrace from 4808-3502= 4310(62%), 4530(78%) & 4670(88%).
Consolidation is probable between 4235-4150-4012 (88%-78%-62%) of 4327-3502 before continuation higher to break above 4327 and complete the 1st part of a complex consolidation at 4430-4550 or upto 4655(more on this later as the price and setup develops).
When looking at this from a complex correction then there is another scenario where this can potentially develop in 5 waves then the upside price target would be 4655-4670 price zone. These corrections are in the form of ABC OR WXYXZ.
For now it is likely an (A)3502-4180,B4180-3790,C3709-? = 4430-4550(100%-113%)
Have an awesome weekend.
From 3502-4180= 680pts (A) then a consolidation from 4180-3790= 400pts(B), C=3790+680=4470(100%), 3790+768=4558(113%),3790+865= 4655.
The extension from 4327-3502= 4435(113%), 4552(127%)
Retrace from 4808-3502= 4310(62%), 4530(78%) & 4670(88%).
Consolidation is probable between 4235-4150-4012 (88%-78%-62%) of 4327-3502 before continuation higher to break above 4327 and complete the 1st part of a complex consolidation at 4430-4550 or upto 4655(more on this later as the price and setup develops).
When looking at this from a complex correction then there is another scenario where this can potentially develop in 5 waves then the upside price target would be 4655-4670 price zone. These corrections are in the form of ABC OR WXYXZ.
For now it is likely an (A)3502-4180,B4180-3790,C3709-? = 4430-4550(100%-113%)
Have an awesome weekend.
