3:14 PM EOD Update
I believe wave C of the triangle is nearly wrapping up. Early next week, I'm expecting a tiny pullback to wrap up wave x pink of Y blue.
A final wave y pink of Y blue either terminates on the inner blue triangle TL (see below) at 1185ish or pushes higher to the larger red TL near 1200. This would complete a complex wave C.
As stated above, I'm looking for wave C of the triangle to complete.
Notice that ES looks like it may be complete or very close to completion. However, cash looks like it has a little more to go.
Should the market rally beyond 1200, I believe the next viable option is that wave c of Y launches towards 1228ish. It either accomplishes this with a simple impulse wave for c of Y or all of Y is turning into an Ending Diagonal. We should have more clues later next week.
I like this count almost more than my primary due to the bullish daily MACD configuration. However, because price still remains within the triangle trendlines, I will interpret it as such until either TL breaks; up or down.
The market rally back above the 200 week. The 13 week EMA and 80 week SMA look like attractive targets.
I'm still tracking this. Again, I think the confirmed daily MACD buy signal is telling us to expect step 4 to take out the 1209 level.
Should the market continue to remain indecisive and trade within the trendlines, we need to be mindful of this option as well.
3:14 PM EOD Update
This is something I'm thinking about here among a slew of options. I'll leave it at that for now and present my current primary counts later.
