Observations from Monthly and Hourly charts remains same as mentioned in Oct 22nd.
Following targets were achieved: 114, 109. Pending target: 86.
Let us look at the 5th wave, which started at 123 on Oct 21.
So far it has done upto 109. The down move from 123 to 109 has a 5-wave pattern. This is indicated in the 5min chart, in green, with numbering x-i-ii-iii-iv-v.
As 109 is bigger than end of 3rd wave (100), we could view current dowm move to 109 as wave1((x)-(1)) of red-5th wave.
For the down move (x)-(1), retracements are: 112 (23.6%), 114 (38.2%), 116(50%), and 117.6 (61.8%).
But today price started with gap down at: 115.45. So, current tiny upmove may get over around 114. Let us mark this as end of (2). And this is the possible entry to travel in the sub 3rd wave (3). This current wave (1)-(2) happening in a small up-channel.
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