| Posted On: April 12, 2017 10:43 AM |
Bottom Line: Currently allowing for up as circle-d within a wave-4 running triangle.
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June e-mini futures discount < 1
4/12/2017 10:40:52 AM ET - (Last: 5390.00)
Patiently expecting trade to reveal whether wave (b) is complete already, or if another wave down will be needed to retest 5375 before it is. A move up and beyond 5413 would imply wave (c) within circle wave-d was likely in progress.
"4/12/2017 9:32:41 AM ET - (Last: 5391.55)
To start today’s session both charts show only the wave-4 running triangle pattern as the preferred count. There is some work to be done to show it’s truly the pattern unfolding. Yet if it is the correct pattern, the next meaningful intraday move is expected to be up within circle-d of the triangle, action that could extend toward the 5460 region before turning down again in wave circle-e. This ‘triangle’ view here in the NASDAQ has yet to be proven to be correct. Note that this leg down in what has already been labeled as wave circle-c, could endure another low and remain only the circle-c with in the structure. What the index cannot do on the downside is take out the low of the 27th of last month at 5316.02. Otherwise, holding above or right around the proportionally significant 5375 subdivide would keep the triangle on track, and the intraday expecting a rally session.
Questions and comments are welcome.
Tom Prindaville
ProServices@elliottwave.com
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