Clearly today's upward retracement off of the $35 overnight low is a micro wave 4 consolidation. The question is, will it be short and shallow or draw out with the potential to reach $53 - $55 in a standard ABC move? For us to get to $53 - 55...I do not want to see price get any lower than $40.25 in the overnight session.
A breach of that price could mean we go straight down to the target box or this micro wave 4 could take on a more complex pattern like a triangle.
For now, Let's focus on tonight's clues. Any decline must hold $40.25.
Best to All,
Chris
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