...with the market opening above 1180 this morning it was pretty clear that we have started minute wave 2. So here are my counts:
Primary
- We're currently in subminuette wave 3 of minuette wave C of minute wave 2. Target for this count is 1120 with an upside target of 1145. I realize that is a big upside, but it is totally within a sharp rally. Minimum target is 1113. I expect this wave to top Friday/Tuesday with Tuesday (Monday is a holiday) being the most likely. This wave is over when price crosses the hourly 34 SMA (closed today at 1080)and below 1090.
Secondary
- We're currently in subminuette wave C of minuette wave Y of minute wave 2. Target for this count is 1115 with a possible upside to 1120. I expect this wave to top Friday. This wave is over when price crosses the hourly 8 SMA (closed today at 1092) and below 1090.
Bullish Count
- We just finished a corrective wave of significance, and have resumed the bull market. We are currently in wave 3 of minuette wave 3 of minute wave 1. Price should easily take out 1145. Price confirmation is a move above 1180. Price cannot move below 1065 in any bullish scenario.
Happy trading
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