My target for this sub-wave 5 of wave 3 is at 78.6% Fib ratio. We saw a similar 78.6% Fib ratio target being hit on the sub-wave 5 during the wave 1.
I am still marking this analysis as long because I am already in a position from 6,200. However for those who are wanting to enter a position, I would wait for confirmation of the count before taking action since it is getting confusing. Having said that, the overall trend is still bullish.
The sub-wave 4 we are currently on is in another strange ABC formation with the 1.618 Fib retracement target hit on B and I expect the double Fib retracement target 0.236 will hit on C.
The overall picture is still bullish and 9,500 - 9,600 is a range with some nice supply for a retracement for the Primary Wave 2.
I am still marking this analysis as long because I am already in a position from 6,200. However for those who are wanting to enter a position, I would wait for confirmation of the count before taking action since it is getting confusing. Having said that, the overall trend is still bullish.
The sub-wave 4 we are currently on is in another strange ABC formation with the 1.618 Fib retracement target hit on B and I expect the double Fib retracement target 0.236 will hit on C.
The overall picture is still bullish and 9,500 - 9,600 is a range with some nice supply for a retracement for the Primary Wave 2.