Potential reversal at 11224 per background Wolfe Wave pattern pending completion at its 5-prime position (i..e: along the 2-4 Line transposed and originating off of Point-3 of the pattern (Blue).
BEARISH OUTLOOK:
Overlay of predictive/forecasting model defines 11224 as a significant reversal potential level. If level holds and sends price back into a declining trend, consider 10593 as a conservative conditional level, whereas 10094 as an opening to the bearish 9745 target.
INVALIDATION OF BEARS:
An Elliott Wave prepares to complete its internal impulse count at both lesser degree (small black font) and higher-degree (large grey font). If and once price completes Point-5 of both impulses, a top-structure would define a level of invalidation if price continued to rally passed it.
OVERALL:
Looking into this coming weak, the predictive/forecasting model calls for a top-reversal at 11224. A decline to the bearish target at 9745 would likely act as a solid floor compared to the two structural levels at 10593 and 10094 - In essence, this week could possible see price tethered between 11224 and 9745 given the structural conditions defined above.
Stay tuned,
David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA
David Alcindor