Although the current rally has taken the index to new all time highs, it has been contained in parallel lines and has been challenging the base of the channel instead of its top, therefore it seems weak and, until proven otherwise, I consider it to be a potential corrective ABC wave instead of an impulse (as it appears to me has been happening since year 2009...).
Price targets: - 2193.2: Minuette v = Minuette iv * 2 - 2194.1: Minuette v = (net Minuette i to Minuette 3) * 0.382 - 2194.6: Minuette v = Minuette i * 1.382 - 2195.7: Minute c = Minute a
Time targets (low probability): - Minute c = Minute a * 2 - Minuette v = (net Minuette i to Minuette 3) * 0.382
I think the most important targets cannot be calculated yet because they will result of the internal structure of Minuette wave v itself.
Thanks. I think its important to take into account how the market reacts on Monday to the attempted coup in Turkey as that might inspire "risk off" sentiment for a day or two even though the coup failed. In after hours trading on Friday, futures dropped to 2143 ish which about 2148/2149 in SPX. Even though it has reached C (or 5 by my count) I think it wants to tag 2177 before giving us a decent correction as that is a big EW number.
mikeoakster
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Thanks your for comment. Well, considering the ES1!, you are probably right.