It looks as though we're about half-way through this correction, intermediate wave (4). We're currently working minor wave B. After it completes, minor wave C should take us somewhere between $4850 and $5400.
If price breaks below the $4480 level, the larger wave count would be invalidated.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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I am not a financial advisor. Be sure to do your own research.