Anticipating the end of an extended 3rd wave. I would like to see a pull back making a 4th wave.
It is possible a fourth wave could break above the trend line and reach the 0.382 Fibonacci retracement.
My target is the 0.618 extension of wave 1 through to wave 3.
This would also give us a break of the previous low at 1.2660.
If my target is met and the previous...
It looks to me like an expanding flat is in the making. I am looking for a small short move before a rally higher.
If the short move breaks the 1.1300 then I will be looking for a reversal. I believe my target is the most likely place for a reversal to take place.
The reversal has the potential to be quite large. Most likely moving in five waves up on smaller time...
