There's the pop. However, just noticed that the wedge may also represent a wave 4 so keep that in mind.
[5:15 AM Update]
Perhaps setting up for a pop into durable goods news?
Pre Market
Looks like ES pared back the overnight gains. Let's see what type of retracement occurs here.
Here's an interesting pattern I just noticed this AM. The previous two "peaks" as I have labeled were followed by a three-legged move down.
Here's an interesting pattern I just noticed this AM. The previous two "peaks" as I have labeled were followed by a three-legged move down. Notice the market put in a third similar peak? The rebound off the selloff does appear to be taking on a wedgish pattern too.
Shall we assume a third leg down is to repeat? Will it fall short of forming a new low since the 3rd peak formed a higher high? Is a diamond bottom forming here?
