Looking for a retest of the range highs here after putting in a double bottom on top of the right angled and descending broadening formation we've been watching all year.
a 1.618 extension of the flat correction would bring us into the 35k level with the measured move of the double bottom at 38k
If this move up from the lows was Wave 1 of a new impulsive move, id expect to see a minimum of this 3rd wave at 40,637-42,147.
Id consider the top of the local range / double bottom, an official breakout if we make new highs, with out current lows as an invalidation point.
a 1.618 extension of the flat correction would bring us into the 35k level with the measured move of the double bottom at 38k
If this move up from the lows was Wave 1 of a new impulsive move, id expect to see a minimum of this 3rd wave at 40,637-42,147.
Id consider the top of the local range / double bottom, an official breakout if we make new highs, with out current lows as an invalidation point.
