My preferred count shows that an important corrective low was seen with the test of 151.63 on April 7 and a new long term impulsive rally is developing. We are of cause, in the infancy of this new impulsive rally, but from the 151.63 low an impulsive rally was seen to a high of 162.82 as wave i and was followed by a deep correction in wave ii to 153.62 from where a new impulsive rally began. This new impulsive rally terminated with the test of 162.53 as wave and currently wave ii is unfolding. Actually wave ii could just have terminated at 157.49 for the next impulsive rally higher to at least 171.82. The first indication of a low being in place will be a break above minor resistance at 157.92, while a break above resistance at 159.00 is needed to confirm the low and that wave iii is developing.
To prove my count wrong a break below the starting point of wave i at 153.62 will be needed.
Comment
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The consolidation seen since the 157.20 low has evolved into a triangle as blue wave iv telling us that one final decline to 156.60 should be expected before the bottom finally is in place and a rally can take over. To confirm that the bottom is in place and a new impulsive rally higher is developing a break above minor resistance at 157.74 should be seen.
I will be on the outlook for a small five wave rally to just above the reflex point at 157.74 confirming the bottom.
The consolidation seen since the 157.20 low has evolved into a triangle as blue wave iv telling us that one final decline to 156.60 should be expected before the bottom finally is in place and a rally can take over. To confirm that the bottom is in place and a new impulsive rally higher is developing a break above minor resistance at 157.74 should be seen.
I will be on the outlook for a small five wave rally to just above the reflex point at 157.74 confirming the bottom.
I will be on the outlook for a small five wave rally to just above the reflex point at 157.74 confirming the bottom.