I would label the correction that has been occurring for the past two months as a running double three (W-X-Y) as depicted in the chart. The W wave is a zigzag and the "running" X wave that retraces beyond the W wave is a zigzag (abc) with the 'a' wave being an expanding leading diagonal as described in my previous post. I will label the correction that occurred over the past two weeks as a Y wave, an expanding triangle.
With extensive studies conducted over the past decades, it is commonly understood that triangle is usually the final component of a complex correction.
We should be on the verge of a bullish rally of at least 1.618 times that of wave (1), with a target price of wave (3) to reach between 112 and 114.
let's see if my analysis is correct and if this minimum price target of 112 will come to fruition.
With extensive studies conducted over the past decades, it is commonly understood that triangle is usually the final component of a complex correction.
We should be on the verge of a bullish rally of at least 1.618 times that of wave (1), with a target price of wave (3) to reach between 112 and 114.
let's see if my analysis is correct and if this minimum price target of 112 will come to fruition.