Interesting day in that what appeared to be the start of something big to the downside fizzled. By 3:30 pm est., the market had clawed its way back up to challenge the near term top of wave (ii). Until a break of 1089.5, the current wave count stands (see chart). However, the deep retracement does cause some concern that a more complex wave (ii) is still unfolding opening the door to further upward prices (see chart 2). The chart is not drawn to scale for any projections but shows the general direction of an alternative wave structure that may play out. Until 1066.25 is broken, I can't take the alternative count off the board.
Best of Trading.
_marketwrap.gif)
_marketwrap_alt.gif)
No comments:
Post a Comment