Just adding this chart here with a channel I'm keeping tabs on.
EOD Update
There is a very good chance that minute [i] of Minor 5 ended today. If your following my minor 4 count, then a good chance minute [b] of minor 4 ended. But all in all, the end of this leg should be near if not already done.
Confirmation of this will occur if the market drops below 1236.93. I also have one more potential mark for a wave i at 1234.71 on 12/9. I didn't mark it on my charts because it was getting too congested.
Also note on the 30 min chart where I place minuette (iv) green as an alternate. That may come into play if this leg up is not complete yet.
In the chat room today, this was a count a I had been watching and was expecting subminuette iv to retrace to approximately 1242-1240, which is a standard 38% retracement.
So though pretty bearish looking into the close, 1236.93 (and maybe further confirmation at 1234.71) will have to fall to help confirm that a minute [i] or [b] top is in.
A couple bearish notes are the fact that the 60 min macd signaled a sell today along with a negative MACD divergence.
30 Min
3 MinI'm going to work on some squiggle counts and post some potential alternatives later.
Minor 4 AlternateThe day also ended with another shooting star. This of course will require confirmation. If you recall the last shooting star was on 12/7 and was not confirmed and the market marched higher.
For the count above there are a few options that can play out (five wave impulse down, triangle, another zigzag or an ED). I'll address that as it plays out, if it does.
