$PHX Second Wave (corrective wave) may be nearing its completion

It appears that wave one is nearing completion if not complete already. Based on the strength of the previous impulse wave up (Wave 1) this third wave may have alot of strength behind it as well. I have drawn my targets in a very conservative way. More aggressive traders may want to set higher targets based on price action at the time of the next impulse wave and by using the fibonacci levels (the fib level to the left is the fib retracement of the first impulse wave. The fib level to the right of that is the trend based fib extension of the second wave. Either way nice chart set up for further gains by $PHX.