The pullback is still looking a an a-b-c correction (zig-zag).
On the weekly, the 50 DMA is at 1229 and will probably provide support for the next leg down to end this correction.
Last week, we made a consolidation for Minor wave 4.
Look for termination when wave5 has completed at least five fractals in lower time frame and is in a coincidence of price and time. Also wave 5 in a corrections (abc) usually end in the area of prior wave 4 low.
Wave equals 1.618 wave at 1240.
Finally a wave 5 can end at anytime ...
IF we bounce sharply from the 1210-1220 area, the odds are good that this count is right ...
Disclaimer: Trade at your own risk.
On the weekly, the 50 DMA is at 1229 and will probably provide support for the next leg down to end this correction.
Last week, we made a consolidation for Minor wave 4.
Look for termination when wave5 has completed at least five fractals in lower time frame and is in a coincidence of price and time. Also wave 5 in a corrections (abc) usually end in the area of prior wave 4 low.
Wave equals 1.618 wave at 1240.
Finally a wave 5 can end at anytime ...
IF we bounce sharply from the 1210-1220 area, the odds are good that this count is right ...
Disclaimer: Trade at your own risk.
