I still like the possibility of an Ending Diagonal here, but with one caveat: The upper TL on the ED is nearly horizontal. It would be more typical to have that TL sloping upward.
The other possibility is that the trading range the market's been in since last Tuesday is a 4th wave. That would fit your I1 better because when it ends (say tomorrow) the 5th wave would take the market to new highs for this recent up move, probably to 1160 - 1170.
If we don't crack wide open there then 4th wave is my thinking. Of course, if critical support is broken during the I1 uptick then I'll short because it is such a shallow I1 move.
I still like the possibility of an Ending Diagonal here, but with one caveat: The upper TL on the ED is nearly horizontal. It would be more typical to have that TL sloping upward.
ReplyDeleteThe other possibility is that the trading range the market's been in since last Tuesday is a 4th wave. That would fit your I1 better because when it ends (say tomorrow) the 5th wave would take the market to new highs for this recent up move, probably to 1160 - 1170.
If we don't crack wide open there then 4th wave is my thinking. Of course, if critical support is broken during the I1 uptick then I'll short because it is such a shallow I1 move.
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