The market continues to move within the final part of a long bullish combination of Ⓦ-Ⓧ-Ⓨ zigzags. The chart shows the last wave Ⓨ of this combination.
After the full completion of the impulse (A) and the corrective wave (B), we saw the growth in the final impulse (C).
The minor corrective wave 4 is forming inside the impulse (C). This could continue to the level of 159.15.
At that level, the entire impulse wave (C) will be at 61.8% of impulse (A). According to statistics, this is the most common coefficient.
An alternative scenario indicates to a bullish zigzag consisting of minor sub-waves A-B-C. The corrective wave B is not yet fully complete.
According to this view, wave B takes the form of a skewed triangle consisting of sub-waves ⓐ-ⓑ-ⓒ-ⓓ-ⓔ. Since wave ⓓ looks fully complete, in the near future we could see a decline in the wave ⓔ.
The support line which is parallel to the upper green line is where the target of 150.11 is located.
