Previously we completed an ABCDE corrective pattern in a symmetrical triangle for wave 4, which led to the current impulse wave.
Now, it looks like we've completed the first and second Subwave of wave 5, and now we're onto our Wave 3.
We completed 5 Subwaves up making up the fractal for our first wave in the 5 wave sequence of wave 5.
Our wave 2 hit the 0.382 Fibonacci Retracement and we have continued onwards to new highs!
Now, if wave 3 hits the 1 : 1 extension it should top out around the upper $0.79 range, however there is no doubt that it could go higher.
For now, my target range for the top of the completed 5 wave structure has been widened due to the data of our new subwave structure. The 3.618 Fibonacci extension for wave 1 and 2 is around $0.816, however the 1.618 Fibonacci Extension for Subaves 1 and 2 is a little higher, right around $0.85. So either way, be on the lookout for the top. You have plenty of time to ride this puppy.
Once we have completed Wave 5 I expect a simple ABC correction that will retrace down to the 0.5 fibb. The highest likely zone of retracement is between the 0.382 and 0.618 fibonacci retracement zones, so a 0.5 retracement is a very healthy and likely retracement for this wave structure.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please upvote and comment any questions you may have below. Happy trading!
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