There’s a downward double zigzag, which is supposed to be wave (2). Previously, we have a massive advance in wave (1). In this case, we might be at the early stages of wave (3) of ((C)), as shown on the weekly chart above.
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At the same time, we can’t rule out that wave (2) might be a little bit longer, possible as a flat pattern.
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There’s a downward three-wave price movement, which likely waves 2. If correct, another upward wave might be at the early stages.
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At the same time, as shown on the 4h chart, we can’t rule out that a larger second-wave correction is in play. In this case, we should wait for a local impulsive advance, which will bring more evidence for the bullish scenario.
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The second wave is underway
The fifth wave of wave ((a)) might have been in place. In this case, we’re likely at the early stages of wave ((b)) of Y. If correct, the market should continue unfolding a bullish correction next week.
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Bullish correction is on track
Wave ((a)) is likely over because there’s an ending diagonal in a position for wave (v). If correct, wave ((b)) might be underway. In this case, the market should continue unfolding bullish wave (a) in the short term.
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Upward correction begun
Bearish wave ((a)) might have been in place. If correct, the current upward price movement might be a bullish impulse for wave (a). In this case, we should have the rest of wave iii of (a) in the coming hours.
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Bullish impulse finished
The current decline highlights an option that wave ((ii)) is still underway. In this case, we’re likely going to see the price a little bit lower in the short term. Even so, the opportunity to have a third-wave advance remains in force.