However, rather than get ahead of ourselves, lets outline what path price would most likely take if in fact new lows are where we're headed. The micro chart below is a standard impulse wave from the recent highs and how each movement should unfold. The charts shows the first 2 sub waves ( i-ii ) of our 5 wave, larger wave 3 down. The conclusion of the larger wave 3 should be in the area of $800-$900 range. This will be followed by a wave 4 retrace and then a final wave 5 down to the $600-$700 area for a bottom (as outlined in the main chart above).
The above micro chart deserves our close attention, as I have written about extensively, we are approaching a major super cycle bottom. This will be a major buying area.