I took half my long position off after gaining 20 points.
On the 5 min chart, a double zig-zag is my primary count. Today's lil pullback would be wave [b of -y. The bullish alternative is a triple nested 1-2.
Based on this near term count, I expect another leg higher to target the 1920-1940(20 day SMA). Area.
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| 5 Min |
The purple inv H/S may give the bullish alternate some more cred.
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| 15 Min |
With all this volatility, anything goes and several other alternate options may come into play if the market dips below 1859.86. If that were to occur, that would take out the triple nested 1-2 option and the nested -i -ii [i [ii option.
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| 60 Min |
Something to be prepared for is a potential triangle if the market consolidates between 1900 - 1800. I highlight this in the 60 min above.
However, if the guideline of alternation is in effect, I would expect wave {iv to be a sharp rebound since wave {ii was wide. Then again, it is just a guideline so anything goes.
