Forgot to post this channel chart. 1313 sits right at the top of the channel, if that is the market's intention.
EOD Post
I would like to say with a pretty good degree of confidence, the triangle is playing out and it was completed today.
I have highlighted some targets for wave 5 black based on the tri thrust target, inverted head and shoulders pattern and 5th wave extension ratio to wave 1. They all point to approx 1320.
However, there are some other options on the chart above as well. They are:
1. 4 ended 1/7 and working on waves 1 and 2 blue of V
2. 4 triangle complete, labels in red.
3. 1/20's low just wave a green of a red of 4
***Until a high above wave b red is made, the tri and flat scenarios may still be in progress. ****
Here's that fib fan chart I have continued to watch. Notice the next pivot target is 1313? I must also mention that 1303 exist as well.The next three charts are for the RUT. Do you buy here?
Like the SPX, a wave 4 most likely completed today and now a rally for a wave 5 is most likely in store.
