Movement in the chart still favors that the large wave 2 is complete. We did manage to complete a 5-wave sequence off the lows Each of those small motive waves also divide nicely into 5 waves, as they should each theoretically be a fractal of the larger wave. Considering a small wave 1 and 2 to have completed. Overall, looking to go higher to finish the week in minute wave 3. This is all part of minor wave 1 of an intermediate wave 3, which is expected to play out over the next several months.
Here’s a look at the intraday movement:
There are a couple of possible ways to divide this, but it ends up labeling this as a 5-wave upward sequence to complete a first wave. An A-B-C type correction follows, which might have a little more to go. Today’s pullback should end up being a very minor correction within a larger uptrend.
There’s an alternate on the intraday chart where wave 5 is labeled as 3, which means the current wave 2 would be a 4th wave. Both have the same general implications.
Happy Trading!