The chart above is from Wednesday. We wrote then that “the decline from 97.74 to 74.25 is considered wave A within a large A-B-C correction from 97.74. A triangle may be in its final stages as wave B now. Fibonacci measurements suggest that resistance should be strong in the 85.40-.86.20 zone. The bias remains bearish as long as price is below 88.21.”
This is an updated chart. As you can see, wave e of the triangle and therefore larger wave B is very close to complete. Probability is high that the larger C wave decline, expected to result in a drop to about 68.00, will begin soon.
Be sure to visit the Elliott wave forum for more trade ideas.
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