a failed breakout above 1280ish could mean the first wave is forming as a leading diagonal and may result in a great buying opportunity 1255-1260 as wave 2
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Right now it is most likely a leading diagonal and any dip below the diagonal that stays above 1241 should be bought... note the longer term targets and I do expect a pull back towards 1270 (near current levels) after touching 1330ish and then resuming back into its uptrend toward 1380. Should a break below 1241 happen then another leg lower could happen but right now this seems unlikely.
Comments
cjwaves
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looks like wave ii is in, the diagonal broke and we didn't have to drop very far for very long, the large rally should start, i added here and will keep it as long as we close above 1280
cjwaves
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it is possible that wave ii is in with that wick today towards 1261, but i'm not taking the bait just yet...not until a convincing break out above this minor triangle formation which could still indicate further weakness below 1261