This morning we are again looking at the structure of wave 4. Wave 4's can be triangular or they can take on an ABC form. Friday's action made a clear break out of the triangle (see chart) after retesting 5100 and you will see this is where the cross over lies between the triangle support and resistance levels. For now the ABC count for wave 4 fits the best and once completed we can expect to see wave 5 commence with a target of 4600.
Has wave 4 finished? I am looking for evidence that the pattern has completed.
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