30 Min PreferredThe chart above was previously option b. I have made it my main count as of today.
I believe the market may have completed minute [a] of Minor 4. For this count it was encouraging to see 1177 hold. This is basically the terminal level of minute [iv] of Minor 3 which is a typical retrace target for wave 4s as I have previously stated.
On the larger channel below the market appears to be setting up for a bounce at the middle channel. Wave c of (y) extended wave a of (y) a near perfect 1.618 times.
So if this count is correct and minute [a] is in, I'm looking for a few things for minute [b].
1. Will it retrace [a] the typical 38-50% setting up for a larger zigzag?
2. Will it retrace 90% of [a] and set up a potential flat?
3. Will it retrace 62% of [a] and lead into a triangle?
Let's just deal with the Fib retracement levels first and see what type of structure plays out.
This would now be option b.
This was previously the idealize Minor 4 chart. Obviously we will not know where the market is headed for minute [b]. For the above, I just placed labels for what may be a triangle, but again, this could very well turn into a large flat. Let's see what minute [b] does first before we start guessing what the market wants to do.
30 Min - BearNow here's a count that would support the bear option below. Notice the potential head and shoulders forming. The target for that would be approximately 1115.
That would make intermediate (C) of the flat nearly equal to intermediate (A). Makes you wanna go hmmm...
