On Track

Price went lower as expected and reversed sharply in the form of wave iv. There's a little problem with this wave iv because it looks a lot like wave ii, usually one of the two is sharp while the other takes more time. So i do not exclude wave iv taking more time. Pricewise, wave iv wont go much higher because it's near the previous wave 4 high and it's at the 38.2% FIB retracement of wave iii. As to where this fits into the bigger picture, I think we are finishing wave i of 3. I'll post this possibility in one of my next posts.