On 120 min chart above you clearly see a structure of a major rally started in December 2018. Quite often wave ( A ) of ( 5 ) would target the previous top made by wave ( 3 ) up (August 2018 top is marked up at the top of the chart above This rally in wave ( A ) of ( 5 ) has to be subdivided into five waves (i), (ii), (iii), (iv) and ( v ). Since the low at 1,497.40 made on 25 March 2019 we have been working on the wave (a) of (v) up. Let’s zoom in to 45 min chart to see the structure of that wave (a) of (v) closer.

On 45 min chart below we may see that to complete wave ( a ) off the 25 March low we need to get to get completed waves of a lower degree: i, ii, iii, iv and v. We have a problem with the final wave v up. Wave v up has to be subdivided into a up, b down and c up. Remember, each wave in five wave structure is subdivided into a-b-c, not a rocket science! But we can easily get a up and then b down (subdivided into red a-b-c subwaves). As long as the low of wave iv down at 1,561.70 holds we may get another rally in subwave c up of wave v that would be a perfect completion of wave ( a ) up. As soon as ( a ) up tops out we will be able to play a bigger pullback down in wave ( b ) down. But they are just subwaves of the larger rally started in December 2018. If you dream about catching a major pullback down in wave ( B ) down that could retrace up to 76.4% of the whole rally started in December 2018 you should wait until we get the very final push up in wave ( c ) of ( v ) that could easily push price higher to retest August 2018 top.