It looks like wave ii of 3 down, is now history. The breakout of the falling wedge is signaling wave iii of 3 is now underway. We can use the 50% retrace of wave i up, 375, as the bottom of our wave ii. Wave i of 3 was 178 points x 1.618 = 288 points plus wave ii bottom 372 = price objective for wave iii of 3 = 660. This may be a conservative price objective if this big wave III really gets going in a big way. We will just have to see as things progress and more information becomes available as to the magnitude of our wave III.
All the best…Rambus
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