I was really expecting this to drop, but now that it has broken trend line. The next most likely scenario is that wave blue five will fail and go right into the black wave four. So the low will not change much for awhile or until we see the black outer trend line touched by the market.

The count is shown as this is an -abc- pattern. The -ab- formed a double bottom at the low. This is how I see the wave count.

The end of today did not leave a precise directional pattern for the analyst.

I expect more upside on Monday to 1275 now. Making an inverted -b- wave.

Breaking angled trend line would make the pattern also a -c- wave but down to 1220-25 area. If the market goes up as expected and then south the 1220 is still target.

The next few weeks will be miserable at times to trade being in a fourth wave. There are so many patterns that may evolve and therefore unpredictable. Like todays actio creating an -a-abc- pattern and then another -abc- of sorts. That is hard to trade.

My opinion does not really matter, but I suspect up for Monday and then down to the other target. Otherwise straight down.

charleydan
www.sillywaves.blogspot.com