With the big picture I see a corrective structure which I assume as a 4 wave because of its horizontal movement. In this case we are about to finish the 5 wave and should be expecting a corrective movement at least to the 38 fib which matches with 4 of the previews movement. If the corrective wave that I label 4 is instead a 2 wave then we should be expecting also a quick zig zag 4 correction because of the alternation principle. This would mean a less degree correction but yet a deep one. Lets see what happens.
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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.