So yesterday’s top at 1865 was NOT the top of ii — that it was actually only a wave 1 — followed by a wave 2 drop and wave 3 big rally–eventually hitting 1875 — which is the next level after 1865.
Notice in the past, when 1865 was tested — a few bars away from that is where 1875 was tested. So it looks like 1877.75 was the top of wave ii.
Our trade is finally positive though it was a bit tough near the top as the market went higher than I expected and position was negative. Still, I had conviction in the wave count to believe that by Friday, things should look better — we still have a few more days. The afternoon drop in the last hour gave us the sign we were looking for. Now that the upper resistance has been tested, that should hold. Assuming we don’t have another A-B-C back up, we should be seeing some sort of wave down.
Assuming continued downside overnight below 1838, I think there’s strong potential that we go below 1800 by end of the week.