Step one for the bulls was to invalidate the wave 4 count. The bears' primary count is the a-b-c bounce that is underway. Fib targets are on the chart and the 20 day SMA targets approximately 1945.
The alternate bear count is the nested 1-2 i-ii down. The invalidation point is at the yellow horizontal line (1952.89).
The bull option is a third wave up in progress, similar to the bear wave c.
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| 5 Min |
Note on the 60 min chart below, we have three waves up since the 8/25 low. This was followed by either a five wave move (if following the red count on the 5 min chart above) or another possible three wave move if following the blue count.
If it is another three wave move off the 9/17 high, a larger flat may be in play for wave iv on the 60 min chart below.
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| 60 Min |
