It appears that this is an -B- Wave but this retracement is the smaller -b- wave. The first leg started at around, 1290 for wave -a- this retrcement is wave -b-. If that is correct target will be a small fourth wave down by the -1-2- or -a-b- area.

The higher line on the chart seems most likely. But I took the liberty to put the other one on the chart also. Those are targets for wave -2-'s or -b-'s. You label as you see fit. The flat pattern in this channel from the top at aproximately 1360 speaks bullish as it grinds the pattern out.

The channel I showed on last chart of moving slowly down today, then since it took off is wave five and an finish most likely pattern. Tells the end is near by. Looking to swing north most likely tomorrow. But will have to wait and see where it is at.

sillywaves
charleydan