This is just really for documentation of an idea I had been tracking for some time. As you can see, this idea is showing that we are still within a HTF wave 3. Within that wave 3, it is being theorized in this idea that we could be putting in an expanded flat for a wave 4 of that larger degree 3. Which is why the 3rd wave is not being marked with that last ATH, because with an expanded flat, the low is made, the prior high is taken, and then an extended low is then put in for the C leg.
The reason behind this is that we have at least put in a series of 3 waves down from the AT and potentially just finished up a running flat 4th. If that is the case, this is a valid pivot point for a potential swing short idea. This would make room for an ending 5 wave move to the downside to complete that expanded flat. Targets for the 5th could be around $650-$450.
If those targets were to be achieved, it would be game on for a big move to the upside. The targets to the upside cannot be really honed in until we have confirmation that this move is over so please don't pay too much attention to those upside targets until this move is over.
The reason behind this is that we have at least put in a series of 3 waves down from the AT and potentially just finished up a running flat 4th. If that is the case, this is a valid pivot point for a potential swing short idea. This would make room for an ending 5 wave move to the downside to complete that expanded flat. Targets for the 5th could be around $650-$450.
If those targets were to be achieved, it would be game on for a big move to the upside. The targets to the upside cannot be really honed in until we have confirmation that this move is over so please don't pay too much attention to those upside targets until this move is over.