It did swing back to 56 as plotted previously in attached chart. It is likely to chop around a lot here so this is a place to look for two way trade and be careful about holding runners for too long. Better to lock in profit more quickly than usual and don't let it take money back.
Looking at lower time frames I could not come up with an elliot count that really gives any new information so I am waiting for a downward movement which will confirm the end of the current elliot impulse and then allow for fib projections to be plotted.
On a swing basis I am expecting this to head back to the top of the triangle around 62, however I would not really be especially surprised to see it tag the bottom of the triangle first.
This really is a chop zone and the basic market mode is for it to fill in the volume profile on the large triangle it's making.
TLDR: Intraday bias is to take it one day at a time and expect trades in either direction until it makes a downward movement on the day chart that shows what the current elliot count is.
Looking at lower time frames I could not come up with an elliot count that really gives any new information so I am waiting for a downward movement which will confirm the end of the current elliot impulse and then allow for fib projections to be plotted.
On a swing basis I am expecting this to head back to the top of the triangle around 62, however I would not really be especially surprised to see it tag the bottom of the triangle first.
This really is a chop zone and the basic market mode is for it to fill in the volume profile on the large triangle it's making.
TLDR: Intraday bias is to take it one day at a time and expect trades in either direction until it makes a downward movement on the day chart that shows what the current elliot count is.
