I was watching the 1140 level closely today, which coincided with the lower channel and 85% retracement. The market found support there and bounced nicely.
The question now is what does this bounce represent? Below is the 3 min chart with what counts best as a three wave double zigzag at the moment.
Earlier in the chatroom I initially had an impulse count option going as well but had to rule it out. I will take a look at the squiggles later to make sure wave W as I have labeled below is not a wave 1.
3 min
I believe wave Y is in progress and may target the 20 day SMA or 1185.
15 Min
Looking for the larger Fib retracement targets.
60 Min
All four options on the hourly still remain valid. Notice that most of the options imply more three wave corrective structures up and down are expected.
15 Min
I was watching the 15 min 20 SMA closely today as well near the close. It lined up perfectly with a 50% retracement and the upper TL on a backtest.
15 Min
Also watching the BBs tightening. Price is above it's 20 SMA and the BBs are tigthening, I would guess this would favor the move would be to the upside.
30 Min
Price closed above the 30 min 20 SMA. 1185 is at the upper BB. That lines up with the 50% retracment 15 min Strategy Desk chart above (3rd chart).
