I was looking for a wave iii target at 135.48, but break above 136.46 told us, that wave iii ended a little early at 135.73. We should now look for wave iv towards red wave iv of one lessor degree at 138.00. It's very common for fourth waves to terminate close to a fourth wave of one lessor degree, which in this case would be red wave iv at 138.00, from where we should see the final decline to 134.34 to end wave C.
At 134.34 wave C will be equal in length to wave A from 145.69 to 136.23.
Short term we should allow for a correction to 136.20 before the final rally to 138.00 to end wave iv.
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Hey EWS, on May 10 you mentioned that you were looking for a 126 long term target, which is also 4th wave to one lesser degree. However, if Wave C is equal to Wave A here and ends at 134.3, should be prepare for a new 5 waves up and invalidate the 126 target? Thanks!!
ReplyDeleteHi Tapay,
DeleteSorry for the late reply.
You are absolutely right. We should be prepare ourselves for a possible five wave rally higher once the equally target at 134.34 has been reached. The structure of the decline from 143.79 will likely not be able to produre more downside than the equality target at 134.34.
Kind regards
EWS