I added a few things to the preferred count. The inverted head and shoulders target and a Fib extension target for subminuette iii.
Remember this Fib confluence chart? The market hit the 1190 mark and 1232 mark. Is it eyeing the 1290 mark?
Price is respecting the channel. Notice that 1270 is at the top of the channel.
The market may find some resistance at 1257. We shall see.
[EDIT 2:25 PM]
[EDIT 2:25 PM]
This chart is still looking pretty good. It may correspond with this alternate count to below.
There are two options on the chart above.
1. Minuette (iv) is still playing out with a c/y wave down to come or
2. A "top" of some degree was put in yesterday and the market lead off with a leading diagonal. The bounce today was wave 2 and if one calculates the Fib retracement, so far a nearly perfect 78.6 % retracement has occurred.
These are alternates and the preferred is the chart below.
EOD Update
30 Min
Here's my preferred count. It turns out that was a corrective retrace after all.
I have few other things in mind but will share it later.
