If wave 4 ended the bottom looks like
IF Minute wave 4 ended basically at the open today, here is the next move lower. Minor 3 historical levels appear to coincide with Minute wave 5 endpoints. It looks like a solid bottom could be established today before the close. Looking at the low below 4380.
There is still a chance Minute wave 4 will move up, however, the extension levels for Minute wave 5 will not change. The only thing to change in this instance would be duration for Minute wave 5. Minute wave 4 was capable of lasting 2-4 hours and at present is a single hour (or more like 10 minutes). Minute wave 5 is expected to last 2-6 hours currently based on the premise Minute wave 4 remains at 1 hour. The currently low between 1030-1044 eastern time today could be the end of wave B inside of Minute wave 4. If this is true, the index should climb above 4421 within the next 2 hours. A drop below 4400 likely invalidates this Minute wave 4 continuance theory and should open the door for 4380 today.
Tomorrow will likely begin a movement upward which may top out early next week.
There is still a chance Minute wave 4 will move up, however, the extension levels for Minute wave 5 will not change. The only thing to change in this instance would be duration for Minute wave 5. Minute wave 4 was capable of lasting 2-4 hours and at present is a single hour (or more like 10 minutes). Minute wave 5 is expected to last 2-6 hours currently based on the premise Minute wave 4 remains at 1 hour. The currently low between 1030-1044 eastern time today could be the end of wave B inside of Minute wave 4. If this is true, the index should climb above 4421 within the next 2 hours. A drop below 4400 likely invalidates this Minute wave 4 continuance theory and should open the door for 4380 today.
Tomorrow will likely begin a movement upward which may top out early next week.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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