Evening Update: Divergences Holding & Bottom is imminent

9 May 2022

Today we continued to extend in our wave 3. Extensions are not uncommon but since this pattern initially looked like an ending diagonal I know it's caught a lot of my followers off guard. Based on our Fibonacci extension tool we should rally to the 1.0 around $75 and then decline one last time to as potentially low as $51. I do not see this going further. Lastly, because this pattern was so overlapping in the beginning to do want to point out that as of right now technically have 5 waves to complete a C of 4. So, as I am expecting OML...a Trade above $95 will invalidate the pattern requiring OML.

Best to All,

Chris