As a quick reminder, I'm looking for w.4 to terminate at 1288 and today's price action was a step in the right direction.
This 3600 tick chart was presented over the weekend to show the subdivisions of w.4 in which I thought w.b was complete but said that I would need to see price move beyond 1270 to have absolute confirmation that w.b had ended. As you can see the market made another low in what was probably w. z of a triple zig-zag (not labeled) to complete w.b at 1256.25.
At the 240 minute chart level, w.c is underway and w.c = w.a at 1284 which is shy of our initial target of 1288. The .382 retracement level of 1281.75 closes the gap and is a level of agreement (see chart below).
For tomorrow, continue to look up and watch price action surrounding 1281.75.
Best of Trading
