The bears, as posted earlier, may have screwed the pooch on this one. With the push back up through 1966, a three wave corrective is more likely at this point. The bears also did not defend the neckline to the H/S.
My daily chart also shows that wave iv of the ED most likely is complete and wave v is underway.
One thing I will also keep an eye out for is a wave iv flat. This would mean that the bounce that occurred today, may do so in a three wave fashion before one more leg down to challenge 1900. I won't focus on that just quite yet but wanted to make you all aware of that potential.
I exited my longs from yesterday and will be looking to enter again next week on what would be a wave {ii pullback. It is possible that wave {i may have a little more to go between 1978 (1 min inv H/S target) and 1985.
Also a much larger inverted H/S may also be developing so I'll will be looking for that to happen as well.
Have a great weekend!!
