Bearish Scenario May 15th
This idea is building off the idea that the 4th corrective wave is not complete yet as it is missing a 3rd drive to the downside (the C wave). The peak of the B wave formed perfectly against the Fibonacci extension level target of the 50-61.8% region. Drawing Fibonacci extensions of the most recent waves we can identify 2 potential target areas and potential pivot points (outlined green boxes). To make targets more accurate you can implement a targeted move from the ascending channel that has been currently forming and might be breaking soon.
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