A very sharp rally today suggested that wave 3 is possibly not done yet. I have updated the channels for wave (i-v) and for the whole wave off the Marchs lows. They are both preliminary and will be adjusted once the critical top of wave 3 printed.
I am viewing that the mini correction at the beginning of December was wave (iv) of 3 and that the bigger correction – wave 4 – will start very soon at approximately 22500-23000 level. The price could correct as far as 17000 and it could be a sharp drop, followed by 2-5 weeks of corrective moves.
I have moved the target for the entire wave 5 higher on the fibs scale and I will estimate it with better accuracy once the expected correction for wave 4 is over.