Expectations:
Note:
- After a big 5 impulse wave, a Zigzag Correction occurred, and a strong uptrend was expected to start, but a 3-3-5 Flat correction pattern has formed instead, indicating a potential WXY pattern.
- The current 3-3-5 wave is too small to be an X wave, and it has not even reached the 23.6% retracement level, suggesting that we may be in a sub WXY wave that will create the parent X wave.
- The current 3-3-5 wave is expected to end around 0.61 to 0.64, followed by a simple ABC correction that will take the price down to around 0.45 to 0.42.
- After that, a Zigzag 5-3-5 correction is expected to complete the parent X wave between the 50-61.8% retracement level.
- At this point, the chart must be reanalyzed to determine whether the uptrend will continue or if it will go down to complete the big WXY wave.
Note:
- These scenarios are just some of the analysis scenarios and are not necessarily expected to happen.
- Please check the monthly analyses and other scenarios for more information.