10 Min Cleaned up the 10 min chart to reflect the preferred count.
I believe that only subwave a of v black completed into the close. We may see a tiny little pullback wave b and then a final wave c of v black early monday to complete this ED.Because wave iv black was a thr0w-under, I'm expecting wave v black to throw-over, which is typical following a throw-under at wave iv.
The other option I'm going to explore is if this only completes a wave 3 leg versus a complete five wave move off yesterday's bottom.
HAPPY THANKSGIVING EVERYONE!!! GET ON THE ROAD AND BEAT THAT TRAFFIC!
12:54 PM Update
12:40 PM Update
Triangle or ED??Taking out wave a black confirms it was a triangle and the thrust was minimal but made a new high. That is all that is required.
However, notice that if the lower black trendline supports the pullback, the blue line traces out the potential ED.
12:25 PM Update
Tri breakout confirmed. 1202-1204 is the target.12:00 PM Update
Keep in mind triangles tend to be drawn in too quickly so this may need some more time but does look fairly balanced.11:30 AM Update
Opt 1bZooming out a little for some perspective. We are above the 1195 pivot.
11:25 AM Update
11:15 AM Update
This is the current count.11:00 AM Update
Idealized Minor 4Here's an update to this chart. The "or [b]" label sits near 1206 if (c)=(a) green. (c)=1.618*(a) right about where the top of the triangle is located.
10:50 AM Update
5 Min9:29 AM Update
abc-x-abc option for minute [b]This is a speculative call on a possible path for minute [b].
9:05 AM Update
3 minThis chart was presented in the chat room earlier. Please feel free to stop on in for more real time analysis.
8:04 AM Update
10 MinIf the triangle option for minute [b] is to apply, the market cannot break above the red horizontal line.
7:46 AM Update
Opt 1b Cleaned up the chart a bit to highlight the potential target for minuette (c) of minute [b]. A 61.8% retracement of [a] takes the market to 1206. 1200 is also a viable target.
Notice the subminuette degree waves i/a, ii/b and iii/c may be readjusted to micro if this is the first five wave leg for subminuette i if the rally pushes higher.
7:35 AM Update
Opt 1b1177 proved to be worthy of support yesterday. Though the bottom yesterday was a tad messy to count but I was more confident that this level would hold for a bounce.
The above count, though not perfect is the best explanation. Yes this is after the fact but that is what happens with EW every now and then.
I drew in triangle trendlines in pink above. That relates to the chart below and the other option I presented last night.
Opt Triangle
