Current wave structure of US30 heading into next week.

A majority of the beginning of this week we saw US30 decline, almost at a rapid pace. This was due to the end of a long term Elliot Wave Cycle 5 at the top, then that rapid decline was an ABC(3) wave correction downwards which is where we just had our first W1 and W2 of a new cycle, with W3 in the midst of an impulse wave.

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Now, looking at price action for the current W3 impulse, there is a likelihood that W3 may fall short from the 1.618 Fib Level, regardless , this provides a good idea of where we are in the market as of right now!