My last post on Feb 3rd pointed to the Jan 28th Top at 29786. The Market in its infinite wisdom finally topped within the same expanding triangle on March 4th at 30,024.
This has now been followed by an ABC down and an abc up.
The abc has met with resistance from a midway channel line as you can see from the daily above and the weekly below.
What is not known is if the correction up (abc) is complete. Either way a pull back is due.
1. If the abc is part of a bigger A up we first get a pullback to form B and then another C up.
2. If abc is complete and the market breaks below 24500 the abc can be labeled X of a WXY with Y in progress and a target of approx 22,000.
I lean towards the second probability.
This has now been followed by an ABC down and an abc up.
The abc has met with resistance from a midway channel line as you can see from the daily above and the weekly below.
What is not known is if the correction up (abc) is complete. Either way a pull back is due.
1. If the abc is part of a bigger A up we first get a pullback to form B and then another C up.
2. If abc is complete and the market breaks below 24500 the abc can be labeled X of a WXY with Y in progress and a target of approx 22,000.
I lean towards the second probability.
