Flat correction?
Alternate wave count (flat correction) from previous count (ending diagonal) -
Since the most recent rally seems to have unfolded in only 3 waves, an alternate wave count now fits better. This one names the first top wave 5 of the larger degree of trend and the second top as wave B of a regular flat correction (either that or B is a truncated 5th in which case the expectation remains the same - bearish). Note that in a regular flat (3-3-5) the C wave should reach beyond the extreme of A, but probably not too far beyond. Note also the big figure at $8.00 around that target point for possible support.
Since the most recent rally seems to have unfolded in only 3 waves, an alternate wave count now fits better. This one names the first top wave 5 of the larger degree of trend and the second top as wave B of a regular flat correction (either that or B is a truncated 5th in which case the expectation remains the same - bearish). Note that in a regular flat (3-3-5) the C wave should reach beyond the extreme of A, but probably not too far beyond. Note also the big figure at $8.00 around that target point for possible support.
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