All chart ideas are not proven until played out. That being said here is a long term technical analysis with current price at the .50 retracement level formed by the Dec. 2016 low and the Jan. 2018 high. This is the blue subwave x of the primary blue wave (X). Can price go below this .50 level? YES! Therefore a STOP location below the previous swing low is marked. tRY AGAIN at .618 retracement until successful.
The TARGET is completion of blue subwave Y at primary wave (X) at the .50 retracement zone from 2008 high and 2016 low. This move will complete in 3 waves forming another double correction 7 wave formation before major downtrend will continue for many years forming primary wave (Y).
The TARGET is completion of blue subwave Y at primary wave (X) at the .50 retracement zone from 2008 high and 2016 low. This move will complete in 3 waves forming another double correction 7 wave formation before major downtrend will continue for many years forming primary wave (Y).