Based on this interpretation, red wave 2 of blue wave 5 is complete and we are now looking for a move higher for wave 3 of blue wave 5.
The final hour of trading on Friday saw support at the 61.8% Fibonacci retracement level of red wave 1 tested. It was broken but closed back above to end the session with a spinning top candle formation. This candle is a sign of indecision and can signal a reversal.
If the bears are still in control on Monday and we see a move below the origin of red wave 1 at 107.252, this analysis will be invalid.
The final hour of trading on Friday saw support at the 61.8% Fibonacci retracement level of red wave 1 tested. It was broken but closed back above to end the session with a spinning top candle formation. This candle is a sign of indecision and can signal a reversal.
If the bears are still in control on Monday and we see a move below the origin of red wave 1 at 107.252, this analysis will be invalid.