Minor 4 Idealized StructureI added the triangle trend lines again. Not saying this is how it's going to happen but one way it can happen. Minute [b] may still retrace all of [a] and then lead into a combo corrective where minute [c] ends as an ending diagonal. Refer to this figure for an idea of what I'm referring to.
Ok. I lied. I added another option to keep in mind below. It is a minute [b] triangle option.
Option 1bThis is the primary count. I don't have time to update all the other options tonight so I'll just show this one and a few others.
The market held the 1177 level again. If you recall this is the end of minute [iv] of Minor 3. So far it's looking like good support.
The wave count may support an end to the leg down here as well.
The MACD histograms are sloping higher on the 30 min.
The one bearish formation I'm watching though is highlighted in the chart below.
Looks like a bearish pennant there. The market may want to re-test 1173, which would form a double bottom if it bounces there. This option also accommodates a move to the 1150s.
The market closed just slightly below the center channel. I have been keeping my eye on that MACD trendline support. I was speculating whether Minor 4 pulls back to this level and bounces.
We will see in the next few days.
Minute [b] triangleA minute [b] triangle and then minute [c] down to the lower EW channel?
