I think we are in minor wave 1 of major wave 5 that started on July 29th. Whether or not this is a multiple of Wave 3 remains to be seen but 3.72 is in the cards at a minimum if the markets hold up. If $3 is the minor wave 1 high, we could retrace half the July 29-31 move to ~ 2.66 and then up to ~ 3.20 back to ~3.05 up to ~3.70. Or this could keep going straight up.

My guess is the hot money came in end of the month because the trades settle in August and they wanted the most bang for their buck by going hard early anticipating a higher price by month end. Wave 3 lasted ~ 7 weeks, so we could already be one week into a similar timeline.

Major Wave 5's can go parabolic often leading to a blow off or a major fundamental event or they could just fizzle out.