The majority of this week, we have been playing out a correction in the markets which resemble a wave 2. The formation it has taken so far believes me to have taken a zigzag formation. Currently there are 2 counts i have as to where the markets are going next.
The first image shows we have had our first 5 waves down as part of the Zigzag which is the A wave. An Expanded Flat B wave is now being played out which can retrace anything between 38 to 79% of Wave A.
The second image shows us having a full 5 waves down as an A wave and now we have begun a B wave which will move in 3 waves. Projected targets for a safe trade in both cases is a 38.2 retracement.
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