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Which wave are we on?

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Which wave are we on? The black circled wave is the current wave, and its characteristics will determine which wave we are on.

As you can see, the yellow circle denotes subwave 1. Will the current wave look like the yellow with one more wave down? If so this is a 5 wave down, therefore the blue wave is the correct wave.

If the current wave is much longer and more prominent and retraces much higher, then it's likely we are on the green wave.

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