That extra drop has invalidated that Flat i had going. Question is now was this drop 2 of 5 of 5 of P2 or 1 of 1 of P3? Todays action had the destructive force that normally relates to a 3rd wave or a C wave.
We have retraced 50% of the rise from the 1st Nov and moved down quite clearly on the 8hr chart in 3 wave movements, which would be a 5-3-5 zigzag.
Also we've bounced off a support line on the daily chart from the 13th july and 3rd nov lows.
Ive been working out some of the fibs if P2 was to finish at the 61.8 retrace of P1. On the basis that this first wave was extended and was 316 pts in length. Wave 3 would be finish around 5432 (length 79% of wave 1). If we then get a 38.2 retrace for Wave 4 to 5312 then Wave 5 is 50% length of wave 1 being 158pts, we get 5500 bang on for wave 5. Now that would scary if that came off!
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