Looking at AE it seems that it made a bottom on the 18th March and started a new impulse wave up.
I believe that it then retraced to the 0.382 level yesterday (4th April) and is now starting the third wave.
A 1:1 extension would take us up to 2800 whereas an extension up to the 1.618 would take us to 3350. The third wave must not be the shortest so either up to 2800 or 3350 would meet that requirement.
Given that the first wave retraced a lot to the 0.382 level I would expect the fourth wave to retrace less perhaps around the 0.618 level. Even if wave 3 only goes up to the 2800 point that would mean wave four retraces just to around the top of wave one at 2486, which meets the rule that wave 4 doesn't overlap with wave 1.
I've no thoughts on wave 5 at this point so just show that as a possible.
Thanks for looking... happy to receive feedback in the comments.
Cheers
Nathan
I believe that it then retraced to the 0.382 level yesterday (4th April) and is now starting the third wave.
A 1:1 extension would take us up to 2800 whereas an extension up to the 1.618 would take us to 3350. The third wave must not be the shortest so either up to 2800 or 3350 would meet that requirement.
Given that the first wave retraced a lot to the 0.382 level I would expect the fourth wave to retrace less perhaps around the 0.618 level. Even if wave 3 only goes up to the 2800 point that would mean wave four retraces just to around the top of wave one at 2486, which meets the rule that wave 4 doesn't overlap with wave 1.
I've no thoughts on wave 5 at this point so just show that as a possible.
Thanks for looking... happy to receive feedback in the comments.
Cheers
Nathan