I leave for tonight with one last post on the correction and implications of a Wolfe wave. Per my wave count, we finished an ABC move to the upside. I finally made more money than my broker did today!
In the chart below I present two wave counts. The blue count is asking for the tape to impulse down immediately towards the 127.2 or 161.8 fib targets identified below. The red count dictates the tape make another ABC move down to 61.8 retrace of this ABC move up and then move up to finish an ABC move of higher degree around 1461, the 61.8 retrace of the entire move down from the top. From there, an impulse move should get us to either 1448 or 1445 to setup a Wolfe wave.
Of course, the tape does not have to do either so we will just have to wait and see.
If we turn from either of the two targets marked 5?, we should have setup a Wolfe wave and then it is a matter of touching the red line.