The internal structure hints at the formation of a bearish correction pattern. This takes the form of a cycle triple zigzag w-x-y-x-z.
Currently, we see a completed actionary wave y. This has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, and a second small intervening wave x.
It is assumed that the formation of the final actionary wave z is under development. This takes the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.
We saw the completion of the primary wave Ⓐ in the form of an intermediate impulse (1)-(2)-(3)-(4)-(5). Also, the construction of the correction wave Ⓑ in the form of an intermediate double zigzag (W)-(X)-(Y). Soon, prices could continue to fall in the impulse wave Ⓒ near 50.80.
At that level, primary impulse wave Ⓒ will be at 161.8% of impulse Ⓐ.
In an alternative scenario, the formation of the cycle intervening wave x is not yet complete. It could have a longer internal structure.
It is likely that the intervening wave x will take the form of a simple 3-wave zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree. Perhaps the impulse Ⓐ and the correction Ⓑ in the form of an intermediate triple zigzag have already ended.
In the near future, the stock price could rise in impulse Ⓒ, more precisely in its final fifth leg, near 150.33. At that level, wave x will be at 38.2% of wave y.
After the full completion of the cycle wave x, prices in wave z could begin to decline below the minimum of 73.39.
