Last week, the market thwarted several attempts to get anything going on the downside. At the end of the week, price left us on the edge of a potential bear channel ready to break out. Through all of this though, the market has been making several 3 patterns, which led me to attempt different triangle patterns. I first mentioned a potential ED pattern, although it didn't quite look right. Then I mentioned a wave 4 triangle, but the reversal pattern did play out right.
Where does that leave me now? I'm back to another ED count with the 786 retracement and a potential overthrow of the channel coming in to play tomorrow. In addition, we have a time relationship coming in on Tuesday where minor wave 2 = minor wave 1 * 1.5. This is the last of the minor wave 2 bear counts we've been tracking. If the bulls close this above 1175, then primary wave 2 is VERY likely not over. So this is a very critical juncture.
Best of luck!
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