Based on previous analysis , i expect this correction to end soon. There is high probability that next small wave will establish declining and will pull a little more down to reach fib level @61.8% of previous advancing wave. This will be turning point, so wave doesnt have to get the shape i expect, it might raise, correct weakly and fib level will be reached just in one touch as some stronger market sell out occurs. Therefore im long. I consider to close long and sell at correction top, and close sell and enter another long a little over fib level during final declining before new wave up. Then it will be good long for a while as i still havent figured out how hight the wave will get. It might be a little over or under the last top (1.1365) or much higher. First option seems more acceptable for me. At the top of next wave it will be hell of a sell, as cycle ends and strond declining wave begins. If next wave gets higher , i make another sell at top and buy at low. Final sell wil be just one wave later than it would be in first option. Lets see
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EDIT : Another very possible scenario is that fib level to turn is 61.8% of whole wave formation. It would mean that 1,1118 will be fib level to trade.
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EDIT : depth of correction determines which fib level was right one and so it reveals in which way this pattern will develop.
figure 1: If 61.8% of last wave = next wave up will be strong and after that will come figure 2.
figure 2: If 61.8% of whole last pattern = next wave will be little over or under last top and cycle is over. sell the hell out.
figure 1: If 61.8% of last wave = next wave up will be strong and after that will come figure 2.
figure 2: If 61.8% of whole last pattern = next wave will be little over or under last top and cycle is over. sell the hell out.