Wave 2 could complete anytime now
In my last long-term update from June 18 - 2016 I was looking for a final dip closer to 0.9880 to complete the decline from July 2008 peak at 1.6038.
The decline completed December 2016 with a dip to "just" 1.0352 and has since staged an impulsive rally in wave 1 to a high of 1.2556 in February 2018. This impulsive rally has been followed by a wave 2 correction to the 61.8% corrective target at 1.1194 (the low has been seen at 1.1107).
Wave 3 is now ready to take over for a new impulsive rally 1.4693 where wave 3 will be an 161.8% extension of wave 1.
Ultimately I will be looking for a break back above the July 2008 peak at 1.6038.
A break above minor resistance at 1.1348 will be a strong indication that wave 2 finally is complete and wave 3 is developing.
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