The current NDAQ structure hints at the formation of a large bullish impulse of the primary degree.
Corrective wave ④ ended which took the form of a contracting (A)-(B)-(C)-(D)-(E) triangle.
After the correction completed its pattern, there was a bullish price move in the primary impulse ⑤.
In the near future, the intermediate sub-wave (5) is likely to develop to the 153.94 area. At that level, the entire wave ⑤ will be at the 61.8% Fibonacci extension of wave ③.
An alternative scenario suggests that we will see a delay in the completion of primary wave ⑤.
In the short term, the formation of the bearish intermediate (4) could end near 132.71. At that level, it will be at 61.8% of intermediate impulse (3).
After reaching the said level, the market could rise in wave (5) above the maximum formed by the impulse (3).
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