My analysis shows me that if we look at the last impulse down (arrow down) we started the correction that looked like a typical w-x-y-x-z correction, but now it seems to be making a more complex structure that is starting to look like an contracting triangle.
Personally my bias is to look for one more drop, but the market has a mind of its own, so I only trade...
Breaking up the contracting triangle, I am seeing more clearly how this complex structure developed.
I am looking at the last impulse up as the (W)-wave with the correction making a (X)-wave down, the (Y)-wave making its own structure that then broke the triangle (but not yet completed the (Y)-wave.
This does not mean blindly entering a trade on the breakout,...
Looking at potential down move breaking the low of the y-wave to complete an w-x-y-x-z corrective structure, this will complete a C wave on a higher degree and a B wave on a next higher degree.
I believe as soon as price breaks the low of the y-wave, this will create a sharp and big move up.
