In Sunday's edition of Heard on the Street, I showed this 240 minute chart, as a W-X-Y w.4 red. You'll note that I have only made some degree changes i.e (w)-(x)-(y).
In that video, I said that I had to allow for further upside potential as long as price remained above the lower boundary of the corrective price channel and 1138. Although not on a closing basis, today's price action price was significant and does support the current labeling. For tomorrow, I'm looking up to complete w.(ii) at the 70-77 retracement levels.
However, if you've followed me long enough you know I'm big on having the wave personality match the pattern and today's closing bar is a large bullish engulfing pattern that engulfs several bars. That just doesn't sit right with me. Call it intuition but since I'm looking up with the preferred count, I'd like to offer an alternate count that still would fulfill the rules of alternation for corrective patterns.
I've laid out this elaborate count with the anticipated levels for waves, c,d,e circle of a triangle that will be followed by another round of selling to complete w.5 down.
In conclusion, whether w.4 is complete or still unfolding, the probability is extremely high that an intermediate bottom is yet to be made.
Let's se what happens tomorrow.
Best of Trading
