There are 2 scenarios in this chart:
1. The Elliot Wave completes with 5 being the longest and most powerful, in which case I'd expect the price to hit a new low, but not much lower. ~2800
2. We are in an ABCDE pattern and will finish the b leg of the B (Orange) wave, then start the lower descent to a new target of ~3225. The overthrow from wave E (Orange) will push us into a new low. ~2600
1. The Elliot Wave completes with 5 being the longest and most powerful, in which case I'd expect the price to hit a new low, but not much lower. ~2800
2. We are in an ABCDE pattern and will finish the b leg of the B (Orange) wave, then start the lower descent to a new target of ~3225. The overthrow from wave E (Orange) will push us into a new low. ~2600
Comment:
Target reached. You can short now.
