Here is the 20 min chart that I left readers in last nights FLASH ALERT. As you can see, the market made a .236 retracement of w.(iii) and has advanced just past the upper fib target of 1137.75.
I've updated the wave labels through today's close. Notice that I've added an additional fib level of 1141.5. Given that price nearly tagged this level, the slope of w.(v), diverging momentum (not shown) and weaker internals.... odds are high that this sequence is complete.
For the ON session or in tomorrow's trade, the count suggest that a w.(b) will unfold in three waves. Prints below the w.(iv) low of 1109.5 would provide the initial evidence to call w.(a) complete while prints above 1141.25 would negate.
As a reminder, I'm not sold on the fact that 1068 is the LOW and the price action is sloppy from 1229.75. Needles to say... I'm watching this market very carefully.
Let's leave it there for tonight and ...
Best of Trading
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