Ok. Towards the close today we saw a lot of sideways action that appeared to look like a triangle. I initially felt it was a wave 4 triangle of a 5 wave impulse off the 1085.89 low but I now do not believe it is so.
What would be considered wave 1 (start 1085.89), labeled (w) in green on my chart, does not count well as a five wave structure. It counts better as a double zigzag. Therefore it cannot be counted as a wave 1.
On this chart I present 3 options:
1. A whole bunch of nested 1-2s with a wave 3 due tomorrow heading lower. (Note: I do not present the Leading Diagonal count because I think this count is very similar. If the LD 1 down is legitimate, I would expect this retrace up to go no higher than 1112 before heading back down)
2. Alt: The move down from 1119.13 counted as an a-b-c to complete Minor 4. If so, I would expect prices to move higher to complete 5 somewhere near here.
3. Alt2: We are still working on the expanding diagonal with wave (e) remaining to complete. According to my alternative count, (e) is forming a double zigzag.
GL!
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