After further analysis, I believe we have completed larger Wave 1 down and have began Wave 2 up. The reason for my change of my opinion is the current prices have surpassed the 0.382 retracement for which wave 4 should reject and begin Wave 5. I see Wave 4 of larger wave 1 ended on Aug 7 and wave 5 of larger Wave 1 ended later that same day. If we are in larger wave 2, expect a full Wave 2 to complete at the 0.618 retracement of wave 1 at 5490. This target aligns well with the resistance we saw the last week of July. At that point, we will begin wave 1 of larger Wave 3 down.
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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.