How about a trip down memory lane again with wave theory???
Below is TNR, mind the messy chart!
I think it has just completed and expanded flat correction for wave 2, i.e. 3,3,5 format where the main B (red) wave exceeds the top of wave one. Wave 2 correction (red C) has landed perfectly on the 61.8 fib level of wave one.
This one has had me confused for quite a while now, but with the funnymentals lining up with options expiry and resistance / congestion zone (red box) all converging around the 62 fib level of wave one peak to wave 2 bottom, could be an explosive move up to the 2.618 extension at ~12c. 8c would be the 1.618 target first off but I think this will have more legs than 8c, time will tell.
In any case, the weekly momentum has turned and a weekly close above 3.5 could be the start of a 3rd wave!
