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We are seeing a ABC correction after a major (12345) impulse move that finished at 1.79319 price level. Once the major 5th wave was completed at 1.79319 we saw the first correction impulse (A) down to price level 1.63219. Wave (A) is considered an impulse even thought its a correction of another impulse wave because its composed of 5 waves as shown on the graph. After correction (A) was completed we are now seeing a move towards (B). Wave (B) is composed of an abc wave pattern as shown on the graph. After (B) is completes its move around 1.71269-1.73250 we should expect the final move of the correction completing wave (C).
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