It will not be long this will fall sharply and for more then one day. Impulsive wave A.
Look at this chart. The red lines represented the first wave in balance. Notice the top red line that is off of wave 1 beginning and off of wave two end. When the market touches it again it is wave four. At times it just touches the pattern and continues lower. Other times it goes beyond. I am trying to still figure out the difference or what can be learned from that.
I do not believe this wave four will go higher but could go to about the white line or slightly above.
If it does not go higher. Notice the line drawn in yellow. If it does go higher redraw it at the newer high point. Copy and paste to bottom point already illustrated, This should be target for wave five of this smaller wave scenario.
That would bring on a larger correction before going much lower. Unless it is a running fourth wave. Wait and see.
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