@W3hunter,
@princey37
I was looking into MAY. While it does not look great there could be history repeating here. While measuring the drawdowns and so far looks like it is a repetition of the previous correction.
So, there is the larger Wave 1 and 2 done, 3 underway (blue line above).
Currently it has completed Wave 3_1 and now in Wave 3_2.
The larger previous wave 2 was a simple zig-zag and when I measured the length of Wave C, it was about Fib 100% (Wave A= C, may be a pip here and there, blue dotted line).
Then we have wave 3_1 followed by correction wave 3_2. This corrective happens to be a zig zag as well where sub wave `a´ was 62% fib retracement, `b´ was not more than 62% fib of `a´. I can see at least 5 minor waves within what appears to be the last subwave `c´ of Wave 3_2. There were certainly 2 impulsive down waves this week. When measured it is again length of subwave `a` (`c`=100% fib of `a´) similar to the previous larger correction. It could be that we have a bottom now or a larger double bottom (around 0.07 AUD) which makes a case for reversal.
It might now become one of these reversal set ups you have described recently for the larger fib grid. Fails 23% on the upside first time and reenters second time (which is coincidentally W3 for many).Many of these first attempt reversal at the bottom of the cup have steep sell downs back to the bottom (almost).
I hope it stops here and minor c does not extend to 1.618 and that destroys all structures. Expecting Wave3_3 sometime now. Sorry if I somehow messed it up while labelling.
