It looks like the end of the 5th Wave, where Wave 1 was extended and 3 & 5 made up .618 - Wave (5) is a contracting ending diagonal and It is bounded by two converging trendlines (red). A swift and sharp reversal usually brings prices at least back to where the diagonal began and usually far further. The reversal usually takes anywhere from one-third to one-half the time that it took the diagonal to form. In other words, it wouldn't take any longer than 40 days to complete the correction.
20 - 25% correction?
20 - 25% correction?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.