Looks like we might be in wave 4 pull back to around the 0.382 level of wave 3 in the form of WXY > 
Yellow line in the chart is the 3.618 extension of the larger degree wave 1. Possibly pullback one more time for a larger degree wave 4, then down for larger degree wave 5.
Yellow line in the chart is the 3.618 extension of the larger degree wave 1. Possibly pullback one more time for a larger degree wave 4, then down for larger degree wave 5.
Note
Maybe ABC and 3 of C hitting 4.618 extension > Note
WXY, or even WXYXZ possible too > Note
May be in something complex > According to rules below WXYXZ could be possible.
Wave W must be a zigzag pattern.
Wave X can be any correction pattern, except an inverted broadening triangle.
Wave X is smaller than wave W.
Wave Y must be a zigzag pattern.
Wave Y is, at minimum, equal or bigger than wave X.
Wave X² can be any correction pattern, except an inverted broadening triangle.
Wave X² is smaller than wave Y.
Wave Z must be a zigzag pattern.
Wave Z is, at minimum, equal or bigger than wave X².
Note
So far looks like WXYXZ completed with Z equal to X > Note
If wave 5 has started > Note
Possibly a bigger WXY in play, bounced perfectly at .786, 1.272 extension around 6740 > Note
Could be in C, in ending diagonal Note
An idea > Note
Looks like a starting wedge for wave 1 of 5 so may pop out of the wedge and correct before moving down further Note
The never ending correction? Now looks like WXYXZ > Note
Its possible I think that this 5th wave is completed; Some nice Fibonacci levels, extensions of wave 1 and 3 > 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.