Wave 2: At this point, quite a lot of traders consider the price to be too high then act to take advantage by selling it. As a result, the first profit taking and correction occurred.
Except there is some support before the low after Wave1, I don't see this situation being true. The price ought to crash more for the second Wave to begin. I mean, something has to sustain a crash and in Wave2, there isn't anything as such. The same thing happened with Wave4. Price ought to have retraced to where the RED line showing HIGH before continuing upward but it didn't happened. I am a TA person but I don't favour the Wave trading pattern because it's more like a guess work.