Wave B yellow could very well continue to trade across the yellow channel. What will be interesting is if it cannot break out and above it via the gray channel and ends up finding resistance there, it may form the right shoulder of a very bearish H/S. The target for that humongous H/S is approximately 900.
*Note that Waves 1 or A gray and 2 or B gray may also be substituted with W and X respectively.
One other thing I'm wildly (emphasis here) speculating at the moment, which is potentially bullish, is that the wave structure off the 8/9/11 low at 1101 may be forming a leading diagonal. Its' still a little to early to tell but one thing is for sure, if it is forming one, I expect a wave c of 3 of the LD begin tomorrow. See the last chart below.
A close up here reveals that price may be at relevant juncture with the intersecting channels. Price is backtesting the yellow mid channel and gray lower channel. We'll see if price bounces from here.
