We've got two competing patterns vying for dominance, in red, in blue. Bulls did achieve a higher high, higher low over previous structure, but it is looking as though they might let this one get away from them. Short term I'm looking for price to reach for my D leg completion of the around $590 and will be watching (hoping) for momentum to take us to the C point of the in the high $570's before a reversal. Yes it's a long way off, but you gotta plan ahead. :)
If things go pear-shaped on me I'll be looking to lick my wounds on the way to $650 for our completion. Likely at that point we would call off the hunt as well.
~ Point B is established by a minimum 38.2 retracement of XA leg. The AB move will remain valid so long as 38.2 is achieved and there is not a candle close beyond 61.8 of XA retracement.
~ Point C is establishe by at least a 127.2% extension of the XA leg. The BC move will remain valid as long as there is not a candle close beyond the 141.4% extension of XA.
~ Point D is formed by a 78.,6 retracement of the distance, XC.
~ C must always exceed A; D must always exceed B.
Targets: #1, of CD let ... #2, 61.8% of CD.
I haven't seen these requirements met yet.