1. Breakout of trendline since 2014, and since then has created a downward sloping corrective pattern.
2. 5 wave sequence end point matches with previous high level at 37.
3. Additional validation wave sequence is correct is by price respecting the 78.6% level. This is a shallower retracement with more complex patterns, so we should see the 4th wave be deeper but in a simpler matter such as an ABC (means swift volatile movements).
2. 5 wave sequence end point matches with previous high level at 37.
3. Additional validation wave sequence is correct is by price respecting the 78.6% level. This is a shallower retracement with more complex patterns, so we should see the 4th wave be deeper but in a simpler matter such as an ABC (means swift volatile movements).