Last night's drop is being blamed on stop hunting; this is likely the catalyst but the move was coming based on the wave analysis. This chart is now very similar to the ALGO chart, with an ABC off the launch high completing with this final HTF (yellow) wave 5 of the C wave down; first target was the 0.618 log Fib extension - could go lower but I count five waves for the HTF (yellow) wave 5, so I think the move is likely over. The blue wave count is the expected wave 1 of the next impulse but please take this with a grain of salt - it is pure speculation! Also bear in mind that the move will probably take six months or more...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.