We have some bullish price action off the low. The waves aren’t impressive to the upside and labeling of 5 waves looks a little odd. We have 9 clear waves up, which has the same implications as 5 waves. If correct, this pullback will be minor. Looking to .012 for support at the 61.8% retracement level. The pullback has already exceeded 50% of the preceding advance in wave a since breaking the initial trendline.
If the pullback ends at .012, I’ll be looking for the next near-term bullish advance to break through .016 as a minimum target.