The structure seen is a 5 Wave move and is part of a B(3 Wave structure) of a Flat marked in Black. In this 5 Wave move marked in Red we can see that Wave 2 was a Zigzag, meaning our Wave 4 would be a Flat. Wave 3 hits the 161.8% mark and moves back to form an A of the Flat marked in Green. B must be a 3 Wave move and must move beyond the ending of 3(Red). When this occurs, a Wave C is formed(Green) and hence Wave 4(Red). What is left is a final Wave, a 5, to complete the first impulse of B(Black). Upon completion there must be a corrective structure to separate the impulse that just ended and Wave B's final impulse. Marked in Blue, is Wave A that just ended, a Wave B that we can expect to be against the trend and a final one that will begin soon after. Note, Wave B(Blue) MUST be a 3-Wave move.
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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.