We know this is the WAVE 3 forming on the Higher Degree hence we know on Lower Degree we will get a 5 Wave Impulse structure; This is the Wave 1 of the WAVE 3 of Higher Degree, we clearly see that the 5 Wave Impulse structure is complete and hence new will have Correction, whenever there is a Correction formed the Price retraces till the latest Fresh Demand area and from that area the Financial Institutions will take the Price towards our Long Term Target in the Upward direction.
This is the Fresh Demand where the Financial Institutions have their unfilled orders and The Price will shoot once it reaches this Demand area, therefore we are expecting a downward move till this Demand; so for now we have a Downward Trend as per smaller timeframe.
Let's see further what structure we have for the Correction.
Before we proceed let's confirm that the Upward move is complete;
This picture confirms that the Upward Move is complete and now we have a Correction.
This is what we have after the completion of the Impulse
This is the Wave A of the Correction forming
Wave A complete
Now we have a Impulse complete Upward so the Correction will be downward hence Wave A (5 Wave down Impulse) will be downward; Wave B will be Upward ( 3 Wave structure ) and Wave C will again be Downward (either a 5 Wave downward Impulse or a 3 Wave downward structure);
So let's see Wave B (3 Wave structure) now;
Move for Short Term timeframe.
So we have first two Waves of the Wave B complete and now we will have an Upward Impulse as Wave C