Wave v of 5 has just completed a termination wedge, a pattern which tends to retrace a) all of its length, and b) to wave iv. As with the internal structure of wave 3 (which also ended on a wedge), the presence of a contracting triangle gives us an objective view on where wave iv of 5 is, as triangles must always be the penultimate wave in a wave of larger degree.
Add to this the TD Combo pattern which completed in May, and a retracement to at least 645, or further, looks increasingly likely. Use the top of the blue rectangle as a stop loss level for shorts.
Add to this the TD Combo pattern which completed in May, and a retracement to at least 645, or further, looks increasingly likely. Use the top of the blue rectangle as a stop loss level for shorts.