AU made 7 swings down creating an over lapping diagonal pattern breaking trend line creating a smaller diagonal as it did so. It can extend down a little more. We don't have full confirmation of reversal, but you do see the bands and the level that it is at. I believe it to be in correction, which considering the price action on the weekly I would expect a more complex pattern, and as far as the wave pattern goes it would be totally possible for it to go up to break the high in a double combo 7 swing pattern, in which case it would probably not break the last low, however it can... That pattern could extend all the way up to that zone.... 38% from this very spot lines up exactly with the level u see marked. I'm not saying to just swing it and go for that, but I see it as very possible considering that this is the exact pattern it has made up to this point.....
Comment:
It is possible we get a 3 wave down to fork also creating our next "X" wave and then up, but maybe not.
Comment:
Both AU and NU have swing patterns that count out for 1 more up. NU coming off the .618. Can it extend down more? Yes. But I wouldn't think more than the 786 but anything is possible.