The chart below is my primary EW count from the march low. I have marked in a complex wave X which began on May 8th and could be in the process of finishing. The heavy blue line at the 14.6% retracement is the primary target for this structure’s wave end. Other possible targets are shown.
Normally complex corrective waves like this one end in structure at one of the shallow fibonacci retracments like the .146. The only caveat to that here is the 245 day cycle due at the end of July which I am figuring as a low. That could cause the rally out of the X wave low to be short lived and initiate a change in the count to allow for weakness into the mid to low 800’s in late July. Just have to see how the structures unfold after wave X finishes.
“Uptown8”
(T&C Forums – Knowledge Contributor)
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