US30 Looking Bullish

Here's another example of a confluence of alternate counts (continuing with the point I made in yesterday's post). Here's two counts overlapped on top of each other. One is bullish going into the new year; the other suggests a return to the Dec-01 low. Yet in the short-term it doesn't matter which is more likely. Both are looking for a short-term impulse to another new monthly high, if not an all-time high.

Invalidation of these counts is at 35413.

Commento:

If it invalidates here we'll have to switch to bearish alternatives. The closest target would be toward the top of this range:

This assumes we would still be within a wave 2 flat. If it were to continue pushing lower beyond the top of the marked range, we'd be looking then at the possibility of a larger degree correction still ongoing.

Commento:

Here's what a potential flat would look like:

If it pushes much lower than the top of this fib range we'd likely be looking at something more like Scenario 3 in yesterday's post (with green wave C and blue (X) moving to yesterday's high). That would likely result in a very bearish outlook for the rest of December. But, one step at a time.