This daily chart expects the completion of Minor wave 1 before the pull back of Minor wave 2. These two waves are within the 5-wave uptrend of Intermediate wave (3) which is within the 5-wave uptrend of Primary wave [3].
I see wave 1 as an unfinished 5-wave impulsive pattern which is busy with its 4th wave. This is the basis of my opinion at this moment. If the chart changes from this expectation then so will my opinion.
The typical target for 3rd waves in a bull trend is 1.62 of the 1st wave. This often requires an internal extension of the 3rd wave where waves 2 to 3' and 4' to 3 are similar by having 5 smaller waves within each. For purpose of projection wave (4) turns down from (3) by a distance that is assumed equal to wave (2), then the 5th wave is assumed equal to wave (1) and ends at [3]. This method is sometimes over-ambitious. The results for the 3rd waves will have a strong influence.
I will be looking for an approach of 2 for the next purchase.
The future timeframe can be very different to what is squeezed in here, but 3rd waves are generally driven by strong momentum.
My Wave Numbering
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