Here is another way to look at the count in light blue. There is room for c of y to head lower if the bounce at the end of the day is just a wave 4 of c.
Thank you to Marius and m for your comments.
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| 5 Min - 9:02 PM |
Earlier today I suggested that a w-x-y wave structure was playing out with wave x forming a triangle. On the flip side, a potential inv h/s was also something I was watching.
I also highlighted the time frame for the FOMC minutes, which the market reacted to on the money. Once the news was released, the market chose the w-x-y route.
As far as Fib extension ratios go, wave y is just a tad greater than wave w so it may technically be deemed complete.
I haven't had a chance to examine the subwaves for the ED below so we must also be cognizant of the more bearish count in purple.
If the w-x-y call is correct, the bulls should show up tomorrow. They better because, per the 15min chart below, the bulls have to make a stand not not lose the wave {i} high.
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| 15 Min |
