looking at the move from the bottom to the top labelled intermediate wave (1), I view it as an impulse move and the current drop as a preceding correction move.
Assuming Minor Wave A and B has finished forming then now we can expect a drop of motive Minor Wave C.
Alternatively price can unfold as a three wave move signaling a complex correction is in form, either way it supports the down movement.
The top of Minor Wave B will be my level of invalidation of the sell setup.
A Happy trading to everyone.
God Bless You.
Assuming Minor Wave A and B has finished forming then now we can expect a drop of motive Minor Wave C.
Alternatively price can unfold as a three wave move signaling a complex correction is in form, either way it supports the down movement.
The top of Minor Wave B will be my level of invalidation of the sell setup.
A Happy trading to everyone.
God Bless You.