This is the KISS stair stepping chart. The market finally broke out of it's range/triangle/rectangle or whatever you want to call it.This has been a pretty straightforward chart. Price has remained within the channel and continues to break out of consolidated ranges.
The most logical reasoning would be to assume that the market wants to target the upper channel. With a measured move for the tri/rectangle, we see a potential target of at least 1293 if the market shot straight up tomorrow. Obviously the time/price slope allows for a higher level if it takes more time and if it intends to tag the upper channel.
Option 1This option again continues to count well. We saw the wave three thrust today as anticipated by this count.
If the count continues to prove correct, we should see a series of 3s and 4s to complete this leg somewhere between 1295-1300.
Here's the 5 min chart that goes with Option 1 above.
This is the 5 min chart that supports the break out of the ascending triangle. This is a little different from the Option 1 chart but not by much.Here I count a five wave structure in the works that may only complete wave 1 of 5. I believe once the first five waves are complete, a wave 2 pullback should move price lower to approximately 1280 +/- 3 pts, the old triangle resistance level and a proper 50% retracement.
One thing that should provide caution for this run is the fib fan above.The market is now at the 61.8% of the yellow fan. Price has respected this in the past so we must be mindful of this potential.
This may act as a pivot.
Still watching these Fib extension charts.
And this one too.
