2023 CHART THREAD, page-357

Revised chart, assuming that 4.2 is the top for this wave 3. I expect the retrace for wave 4 to be 3.7 to 3.5 and wave 5 to be 4.5 to 7.1. The 7.1 target comes from the very large declining wedge that this movement will break (its actually broken it now, but I expect the retrace to bring it back in and then wave 5 to cause a second break which will be the one that takes. Most common wave 4 retrace is 38%, but it can be a little more and a little less. The top edge of the wedge can act as a significant resistance which also corresponds with the 38% retrace target so I am leaning towards the the retrace being only to the higher target of 3.7, rather than the lower one of 3.5. The w3 target of 4.1 was the minimum expected and there is nothing that prevents wave 3 from continuing higher at this point, but it would be very unlikely to go past 4.9 (the 260% fib) in this rise before retracing in wave 4, and whatever ends up being the top of wave 3 (if other than my assumed 4.2) will require the chart to be redrawn - and will result in higher w5 targets. Note, that things get very interesting if this break turns out to be the actual wedge break as that will put the upper W5 target to about 7.3

Obviously all of this is ignoring the impact of an announcement which may or may not appear before the wave cycle plays out.