The possible continuation count I see at the moment:
We see a retrace here and then further push up as shown on the chart...
The retrace here is the wave 4 in the 3rd wave and the wave 5 of the 3rd will possibly end at the 1.27 fib cluster
The we'll see the a-b-c retrace as wave 4.(The retrace could also come an triangle a-b-c-d-e ) due to wave 2 was very quick.
But take care!!!
Nothing is for sure here. Price gapped up monday.
What if it's a gap up and not a retrace but an Island reversal in spe?
Of cause we could see a gap close and then further push north.... yes ...like the count shown.
Another possibility could be a 5th wave top before market close and a guess of what to happen tomorrow.
My "take" is...: To stay out of the market until either the 2120 handle is cleared with conviction or we see a clear continuation of trend of downtrend. THe take out of the 88.6 lvl is CRITICAL .... it's the junction.
OBS!!! The easy money was earned friday on following the (See link below)
I'm out of the market myself .... waiting for price action to guide me.
I make an update when price action tell us more.
Fear not.... Believe
Music at work:
I still stick to my guns and have the "No Doubt chart" with a target at 2138ish (fib cluster) as 1st priority.
My reason is due to - 5th wave having the tendency to truncate and also the price action we see now (05052015 before open). Price dipping to the around the 2100 handle might as well being a wave 4 before the 5th wave - instead of only being wave 4 i the 3rd as shown above.