Minute wave 4 should be over, but confirmation is still forthcoming. The blue circle in the middle of the chart will be the key determining factor. Minute wave 4 has thus far been in a tight trend channel. Minute wave 5 would be active if the line of resistance (red line) is broken through.
Once this occurs, the top could be between 2928.92 - 2963.80. Based on derivative analysis of the current waves, minute wave 5 could end as early as 11:35 EST on September 12 and as late as 13:25 on September 13. This is still a short window for this wave to complete itself so be prepared for large moves.
Quick movement in a short period of time could revolve around imposition or delay of tariffs against China, positive jobs data on Friday, or another unforeseen piece of news.
MY EW model also calls for 2938. However, these are models. We take what the market gives us. Great uncertainty prevails. I feel that 3 days of hard selling may abate and we ought to get a lift off the S3 at 2870, we saw 2869 today. past two days fierce selling relieved by bargain hunting in the afternoon. I reckon we could see 2912-2920 retest in a double top, at least, bouncing off these selloffs. After that- la deluge!
StockSignaler
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@DaddySawbucks, I really favor the 2928-2943 zone. I have multiple data points plotting the top around 2933. I have seen your comments the past few days and it appears we are arriving at similar reversal points. I enjoy seeing your thoughts as we trudge through the final days of this bull run
DaddySawbucks
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@cguthrie922, Thanks! I doubt myself daily but I now see signs that we are at pivot and expect three bullish sessions before the end!