We may be nearing the end of our wave (b) with an ending diagonal as seen here. This goes back to some of my earlier predictions of a rally to $14500-$17500 and would fit this narrative nicely. It is typical, however, for wave 5 of ED's to overthrow or overextend past the trend lines so play it safe here. If this is correct, however, we can expect a strong (c) wave up after we find support, especially if wave (c) is a multiple greater than 1 of wave (a), i.e. 1.618xA=C.
Note
Pushed above bottom trend-line back into the diagonal with a 5 wave impulse, looking good so far.Note
Starting to think this is the more realistic wedge we're dealing with. An ending diagonal for our wave c. Note it is not uncommon for wave 5s in diagonals to fall short or overshoot the support trend line. 
Related publications
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.
Related publications
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.