possbile WXY correction from 9.2k to 8k ?
Updated
The ABC correction for the 3rd wave circled in black should have ended at 8450 which is exactly in the golden pocket retrace level of the 3rd wave and the high of wave 1. It bounced from there, it looked like its creating the first wave up but it retraced more than 100% creating a WXY corrective pattern. If wave A of Y has ended and we are now creating wave B and if we assume that wave B will not retrace more than the 0.382 fib level then a possible target for C could be the 78.6% extension of A at 8168 or the 100% extension at 8076. The WXY scenario can also happen on a bigger scale. We had an ABC correction from 11700 to 7300 (big ABC circled in blue) and now we are trying to create five impulse waves up but if we fail to do so and the price falls under 7300 then we will have another ABC that could send us down to the 4500 zone.
Note
So..C wave was very short. I was expecting it to hit at least the 78.6% extension of wave A but it only hit the 61.8% extension. Now we could be creating wave 2 and if we assume that wave 2 will retrace only to the 0.382 level (8536), keeping us slightly above the downtrend channel, wave 3 has the potential to reach at least 8890 (100% extension of wave 1) or 9093 (best case scenario, 161% extension of wave 1). A break with high volume above the high of wave 1 (8670) could confirm my theory.
Note
Wave 3 has hit the 100% extension of wave 1 and now i expect wave 5 to hit the 161% extension at ~ 9300.
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