Wednesday, October 14, 2015
Last update anticipated that near-term higher prices were likely. Yesterday, price obliged, largely confirming my view that the prior high was a b-wave. It still appears reasonably likely that the high isn't in yet, based on the fact that the recent corrective fractal appears to have simply become more complex. It's possible the low will be in this morning, but a bit lower isn't out of the question:
Zooming out a bit, bulls likely want to hold any pending back-tests, or risk ambiguity:
In conclusion, we can't rule out an immediately bearish wave -- i.e., we can't rule out the idea that ALL OF (c) is complete. However, that presently appears to be at least a slight underdog to the idea that (c) (or "3" for the bulls) is still unfolding. If bears begin claiming levels that should be acting as support, then we may have to give bears more credit. It's a tough call here, only a few points off the high, but things should clarify more as they develop. Trade safe.
Posted by PretzelLogic at 3:34 AM