We're still in that yellow 3 of white 5 move lower.
carolantic.homestead.com
Yellow 3's own subwaves look fairly clear. From the 8/2 peak, 1 of 3 was a leading diagonal into the 8/3 a.m. low, followed by a zig-zag wave 2 of 3 into the 8/3 late p.m. high. wave 3 of 3 is extended, with 1 of 3 of 3 completing at the 8/7 early a.m. low, 2 of 3 of 3 ending at the 8/8 a.m. high, 3 of 3 of 3 ending at 8/9's 10:50a.m. low, and the market is in a 4 of 3 of 3 bounce since. a of 4 of 3 of 3 completed at the 1:30 pm 8/9 high, b of 4 at the 11:10am 8/10 low, and we've had that nasty c of 4 rally since. Note that since b of 4 was 15.25 pts. in length, c of 4 can be no longer than 30.5 pts. in length, or no higher than 1200.05. Looks to me like the 5 waves of c of 4 have completed now, and we're ready for the next downwave.
As forecasted earlier, the c of 4 bounce should falter at no higher than the 8/7 early a.m. low (1196 spx) [stalled at 1193.33 thus far], and Monday A.M. should be get a big down start with Orcl's warning. This next downwave is 5 of 3 of 3 and assuming it's not a failure, will finally clear the July lows. then we get the 4 of 3 bounce followed by the 5 of 3 decline, which will complete the yellow 3 as shown on the chart. 1140's minimum should be seen by that time, with potential to 1120's or even 1105 area. |
