Once again at a critical level, a nice 3rd wave (or C) push down and a long drawn out close (looking like possible wave 4 or a mess that will constitute wave 1 up) A rally from here would satisfy the BEARS and a further fall would suit the BULLS. To decipher the market anticipations we will use the MACD and RSI on a shorter and a longer time frame. (using a 1hr as standard but will post 15min charts on trading days)
I have a blackbox strategy running and will publish them from Monday. It has triggered for a BUY, but has not entered a trade as yet.
Bullish scenario.
There is no immediate divergence, I am presuming that there will be another 3 legs down to complete a full 5 wave pattern completing wave 4 of 3 thus creating divergence. possible triangle Target 7092
Alternate Bullish scenario.
Wave C will truncate creating a double bottom and then complete in a triangle prior to wave five lunching. Target 7211
Bearish Scenario.
Wave C will complete terminating 7545 and rally into wave C in a 5 wave ED, this would be a terminal pattern. Target 7545
This is the Bearish chart showing the triangle 4 and the zigzag of Wave 1.
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