This morning's weakness still fits within the parameters of a wave (iv) triangle. The yellow alt ii seems improbable from here. The structure could also move directly to support from here - invalidating a triangle - but still hold support for wave (iv) in an overall bullish posture in this year's rally off the low.
I'll zoom out IF an impulse forms and/or signal levels https://break.https://www.tradingview.com/x/B5EVCQp5/
DownUnder
⋅
LoL, sorry I lost the plot, going from the original graph, it seems that are next target should be D, however it also seems like we may have hit E early? The white (IV) is also next target ? I will be watching closely until FOMC, I hope it will get ready for a rally.
nick.holland78
⋅
Yellow alt ii is off the table, technically invalidated overnight. Was low probability already given the deep retrace. The triangle also seems suspect after last night, but wave (iv) (either the white or yellow alternatives) can certainly complete above support and reverse higher.
DownUnder
⋅
The yellow alt ii seems improbable from here :::: <<<< Looks can be deceiving I guess. Where too next, (D then E) or straight up to iii (22.45)