In my previous post, I considered the w-x-y pattern complete with the market setting up a nested 1-2 i-ii pattern coming out of a falling wedge. So far this has been confirmed with the rally out of the wedge. I have four waves so far. Should get five up if the overnight action stays green.
I had been looking for a bounce back to the 50 day and today's action closed just below. Let's see if the market makes a quick poke above it again to complete five waves of a new leg for (3) of [5] or just the beginning of wave b of (2) [see 60 min below for that alternative].
We shall see.
 |
| 15 Min |
 | |||
| 60 Min |
Long term chart below.
 |
| Monthly |
