Yesterday hit of Peter Eliades target zone caused a nice reaction back down to happen and could have marked the high for now… meaning the 4-6% pullback is underway now. It should unfold in some kind of ABC move and looking at the current wave structure I think we’ve done 4 out of 5 smaller degree waves in the first A leg, so a small wave 5 down is likely next and should happen today after the current wave 4 up ends and rolls over. On this chart you can see support at the rising purple trendline and the dashed yellow rising channel.
Considering it’s a holiday week odds are both hold and only breakdown next week. This aligns with the wave count too as we likely will complete the A leg down today and then drag out the B wave into this Friday to close out the week looking strong as if nothing happened yesterday. This coming B wave should have 3 smaller waves inside it, another abc basically. Those waves can subdivide to into 5 waves for the “a” and “c” and 3 for the “b”, but I wouldn’t count on it, or even pay much attention to it. That’s too much macro management for me.
I’ll just keep it simple and look for the B wave up to end this coming (half) day Friday. It’s sets up the C wave down to start next week and that’s what my focus is on. The time line is just a best guess of course, so if the B wave up complete tomorrow instead of Friday then so be it… it’s a short in my opinion. I don’t know for certain that they will hold the support trendlines all week but they might due to the holidays as there’s lighter volume this whole week and that can certainly limit the down moves.
One more thing, the 5 wave move for this A wave currently in play might have been completed already… not sure? The early low this morning could be that small wave 5 with the sideways move afterhours yesterday being the wave 4, so we could be finished with the A down? Anyway, I’m looking for some kind of abc B wave rally in the next day or two to setup a larger C wave down next week. Have a blessed day.
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