The Note has resumed higher and broke above wave 1 at 131.19. This suggests the next leg higher in wave 3 has started. Near term, while pullback stays above 130.24 in the first degree, and more importantly above 129.28, expect the Notes to extend higher. We don’t like selling the Note, and expect buyers to appear once wave ((ii)) pullback is complete in 3, 7, or 11 swing.
*Please note that market opened up with a gap*