A very boring day from my view point whereas the market spent much of the day within the resistance zone near the top end of my projected targets of 1134 + 1%. As I mentioned in an earlier post, the only upside target that may still be in the works is where wave c = wave a at 1158 and closes the gap. In the meantime, prices have been testing the .618 retracement of the entire move down from 1216.50. Caution is still necessary as this area is not getting any stronger. There have been 3 tests of the area from a week ago.
What interests me to day is that I can count 5 waves down on a 20 minute chart. While this by itself confirms nothing, it could be the beginning of the resumption of the larger degree trend. Therefore, I will be watching intently for confirmation of the trend change. As soon as I am able to confirm it I will discuss it.
Until then,
Best of Trading
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