Any potential version of wave iv° looks too short to be complete right now. Moreover a closer look at wave ii° shows that we should expect wave iv° to be relatively shallow and complex due to alternation guidelines. We therefore think the current market action is a short term bull trap. We forecast an irregular flat pattern to form wave iv°. It is not done yet.
Comment:
Yesterday's mkt. action may have been early signs of wave (c) kicking in... still needing confirming action.
Trade closed manually:
The irregular flat pattern is not valid with today's high.
Comment:
-0.4%