c505218304b50c59c3659f6dda43bae7-links-0–>We spent the entire day above the overnight lows at 2083. The lowest we hit was 2084 in an a-b-c wave 2 structure down (pink).
From there, we proceeded in the blue count of an a-b-1-2, potentially 3 up.
I was looking for the possibility of a b-wave high that would bring us c-wave down bringing lows in a typical correction, but by 2 pm, it became clearer that that probably wouldn’t happen. It appears we may get an extension first before the correction — assuming this 3rd wave happens overnight.
If this does happen, we will have to see whether 2093 acts as resistance.
Otherwise, we may be going towards the highs of 2105.
Bears would want to see a break of the bottom of wave 2 at 2087 and then 2084/2083.
It appears we spent the bulk of today in a wave 1 up consolidation that got a wave 2 drop into the close. What follows next may either be a series of i-ii’s up (as long as 2087 holds as support) — or a wave 3 through the overnight session.
At 9:30am – we popped in the wave v up into resistance and failed at 2091.5. From there, we formed an a-b-c down til 10am, popped back up, and then dropped back to complete a wave 2 at 11am.
From 11am, it was an a-b-1-2 setup.