Yesterday I posted:
Since then we reached our target.
For now, we still expect 1 more smaller subwave to the downside. After that we expect a retracement. But this retracement is tricky because their are so many scenario's. Most bullish scenario is that my alternate 5 waves in pink have finished. Another possibility is that we just retrace normally as depicted on the chart. And a third scenario is that this 5th wave of the 3rd wave will become an extended wave, which happens alot. So it will not retrace much, and eventually break down further. This is the danger of buying the dip with elliot wave. Because it gives the false impression that the waves are finished, but it can just extend and go deeper. So you either have to wait for a good bounce or for an ending diagonal structure which most of the time signals the end of the current trend. And also allows you to put a close stop if you do buy the dip.