My overall sentiment is that wave 5 is to come and, if it's not truncated, we will go above the high of wave 3. This is what I said in my previous analysis, but then I was hoping that wave 4 would go as low as 7400, but so far it hasn't and I have adjusted my predictions to a hopeful retest of the 7800 level. This corresponds to 24%, which is a common ratio for wave 4 in relation to wave 3. If price breaches this level, I'll see how it behaves at 38%. If volume is steady, I don't think we'll see a 50% retrace from the wave 3 high. As wave 3 is extended, I think wave 5 can reach the levels of the two green, dashed horizontal lines, while I favor the lower one. As always, I'll watch this closely and reevaluate my analysis as needed. It's always more important to make money than to be right.
