The market still appears to be drawing out an impulse wave higher since the 2011 low. It should be at least a couple of months until completes.
There is clearly so far only a 3-wave advance higher since 2/5. There is a very high probability of new all-time highs coming in the near future with the structure over the last month suggesting this will will be seen within the next few weeks. A breakout is expected after a triangle X wave (primary) or flat X wave (alternate'') completes. These are both good options with a more complex X wave underway also possible as a reasonable option. The breakout will probably only be brief as a double zigzag higher since 2/5 seems to be developing.
An impulsive option is possible (alternate'), but its second wave correction seems a bit strange. A complete double zigzag since 2/5 is also possible and perhaps better (alternate'' 3), but the 'b' waves between its zigzag legs seem out of proportion. Even if this option is correct, there is still most likely a wave [4] sideways correction underway since the January high which is a bullish wave structure.
The bounce following either of the Thursday lows is best counted as a zigzag. So if one of the upper resistance levels in the 1-minute chart above is tested, a deep pullback should ensue. If prices move under the ~1835 support level this week, alternate'' 3 will become the best option.
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