Good morning.The overnight session provided clarity to the current wave structure. It appears that scenario 2 is the operative count (see June 28th posts) and that the price expansion that I was looking for has begun to the downside. We should see a large gap at the open today.
Looking at the 240 minute price chart, I have labeled what I believe are the current subdivisions. Prices should complete a small fourth wave ( iv, blue) between 1059.75 and 1064.5, then make a final push to complete wave v of (v) of i (circle, green). Aggressive traders may want to consider this area.
There are several termination points of wave i (circle, green) that are identified by the following Fibonacci ratios:
- Wave (v) = wave (i) @ 1053.5
- Wave (v) = .618 (wave (i) - wave (iii) @ 1038.5
- Wave (v) = 1.618 wave (i) @ 1037.25
As long as prices remain below key resistance (1079.75), further subdivisions to the downside are expected.
Best of Trading
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