We are in a corrective structure (ABC) - wave ((2)) - from the high of 1.25 - wave ((1))
There is a support trendline from the lowest point of Oct 2000, which was touched again at the start of wave ((1)), which I also believe we will touch again at 1.06 at the end of wave ((2)) early next year.
- We are now at wave B of the corrective structure, which is a flat (3-3-5), specifically wave c (5 small waves)
- After wave c, we will go down again for wave C of the corrective structure
- We may hit the .88 retracement from wave ((1)) before yearend, considering that wave C is an impulse wave.
There is a support trendline from the lowest point of Oct 2000, which was touched again at the start of wave ((1)), which I also believe we will touch again at 1.06 at the end of wave ((2)) early next year.
- We are now at wave B of the corrective structure, which is a flat (3-3-5), specifically wave c (5 small waves)
- After wave c, we will go down again for wave C of the corrective structure
- We may hit the .88 retracement from wave ((1)) before yearend, considering that wave C is an impulse wave.