This is an update for my previous idea tradingview.com/v/guJuuQV6/ where I commented "[the proposed] Wave (e) looks like a 5 wave impulse, so as long as the wave (d) low hold, we could see another push higher", and that is probably what is happening now.
The flat completed and we got a move lower. After making new lows we have seen a five wave advance. This current wave structure is telling us the we are heading higher, probably to complete wave E of the current triangle.
Stop loss is at 1280 and first target is 1360 and the second one near 1380.
I am still looking for the larger triangle scenario to play out. I'm neither bullish or bearish at this point. Though my overall sentiment is medium term bearish
traderWgun
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yeah, but I still think we could see another leg higher to complete triangle. let's see what happens
davidchalker
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I agree that price should have another leg up and shall complete the larger triangle the same as we have the smaller ones. (my confirmation of that at this time is the daily bounce off the lower trendline of the triangle). 1347 is short term target (guess I should elaborate short term would be weeks) medium term through til Christmas or first of New Year, and depending upon whether 1180 holds, could get a bit scary by this time next year.