3/7/15 -

The market continues to chop in three wave structures. The potential ED I have highlighted on the daily chart for some time now must be considered as the market continues to chop higher.

The wave C of (4) option is not out yet either.

So if you believe in the ED, the 60 min chart below shows a 38% retracement for a wave b of (iii) for the ED highlighted on the daily chart.

If you believe wave C of (4) is underway, than Fri's sell off is a wave 3 of C.

60 Min 

Daily