Here is my current 15 min. intraday chart of the September contract. From the 1347.75 high, the market appears to be working a combination where w.(b), not labeled, is working to the downside that will be followed by another push to approx. 1334-36 to complete w.(c) of w.b circle. Thereafter, look for a five wave decline to complete the pattern where w.Y = w.W at 1314-15. A loss of 1325.5 would not negate but would imply that w.b circle ended at 1332.75. Downside targets will be reaccessed from them.
As an alternate, w.Y could unfold in a triangle. If price action dictates, I'll revise the chart.
Best of Trading
nailed this one.
ReplyDelete