The move into 1170 support was unable to really breakout in an impulsive wave. So either we have a long series of 1-2 subdividing waves (unlikely) or we are setting up a minute wave 4. Now, wave 2 was 90 points. We've only traveled about 55 points so far. Wave 2 was a zigzag wave, so using the rule of alternation I would expect either a flat (unlikely), a triangle (very likely), or a complex (i.e. zigzag - x - flat) wave (likely). The market can extend this wave 4 as low as 1150 and still be in the game (no wave 1 overlap). We should be testing the 34 SMA this morning. Let's see how it goes.
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