Today's session continued to demonstrate sloppy price action. Today's decline below w(a) blue (1174.75) forces an adjustment to the previous wave labeling whereas w.b circle is still unfolding. Unfortunately I can't determine if w.4 is unfolding as a triangle as the proposed chart indicates or if the flat interpretation will prevail. Until the wave structure clearly identifies the operative wave count, both interpretations remain valid. As a reminder, either interpretation eventually leads to a new recovery high above 1224.75.
There is one uncertainty that I am watching, i.e. should price decline below 1171, odds are that a much larger decline would ensue and my wave labeling is wrong.
Here's the market's position at the close:
Cyclic Momentum: Weekly is bearish but not OS. Daily is neutral. 60 min. is bullish, approaching OB.
Pattern: Either a triangle or flat correction for w.4
Time: No analysis made.
Trade Strategy: Remain flat until w.4 wave pattern becomes clearer.
Best of Trading
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