I define "holding above 1100" as staying above 1100 for more than 30 minutes, and going 5 or more points into 1100 + territory was the clincher.
The count from the 4/6 beginning of the Primary Wave 2 correction is as follows:
Wave A down began 4/6 and finished 4/27
Wave B up began 4/27 and finished 5/14
Wave C down began 5/14, and is still in process.
Wave C's in this type correction are always composed of 5 impulse waves, and when the 5 waves are complete, the correction is over. Here
is the 5 wave breakdown thus far.
Wave 1 down of C began on 5/14, and ended on the 5/18 lows
Wave 2 up of C began on 5/18, and ended on the 5/21 highs
Wave 3 down of C began on 5/21, and since it is extended, will break down into its own set of 5 waves. The breakdown thus far is:
wave 1 down of 3 of C began on 5/21, and ended on the 5/27 lows
wave 2 up of 3 of C began on 5/27, and ended at today(5/29)hi's
We are currently in wave 3 down of 3 of C, and it could last 1 to 2 days, and visit the 1070 area or lower before it completes itself. This scenario IS more bearish than I originally planned on, and will lead to a longer lasting correction, and could target the mid to lower range of the zone I had discussed earlier for the bottom of this correction (1030 to 1070). I'll review these projections this evening, and give a number I think is most probable later this evening.
Regards,
David |
