Right now is a great place to take a short position because the market doesn’t have to go very far to invalidate this theory. If we are in a corrective wave, then it looks like wave C is about to commence.
Typically we get a small extension beyond the Wave A low, which puts my target at $445. As you can see, price is up against the second Fibonacci extension and should act as resistance.
Typically we get a small extension beyond the Wave A low, which puts my target at $445. As you can see, price is up against the second Fibonacci extension and should act as resistance.