Correction of First Elliot Wave of New Cycle
It appears a triangle has formed, with strong momentum divergence. This in conjunction with completion of the fifth wave of the higher degree Wave ((i)) suggests we have commenced the Wave ((i)) correction (first wave) of the new cycle. This should take us down to the 0.5 x Wave ((i)) area ($304) or the 0.618 x Wave ((i)) area ($295).
Additionally, the ABC correction wave, as a guideline, usually corrects to the Wave (iv) area of the smaller degree wave ($313).
Target: $295-$313
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Udjusted targets and clearer chart:
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Update considering extended sideways correction:
