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Daily Analysis

Today I don't have much to add to what I have been discussed in my last 2 posts. I am on a wait and see mode, for clues that may validate or kill the Ending Diagonal project.

So far it looks ok as long as the current wave (III) establishes a top below 1310.44

Then the following pullback; wave (IV) will have to:

  • Be corrective.
  • Overlap below 1266.73
  • Establish the bottom in an area that maintains a converging pattern.

Hence at the moment I maintain it as the preferred scenario.

Larger Image

For the immediate time frame given the fact that the initial structure of yesterday's pullback is corrective, I would not rule out that price is willing to go higher maybe within a Triple ZZ wave (III), therefore, as long as price does not lose the 1285 area and breaches the rising trend line, price could have another push higher.

Larger Image

We have s/t overbought indicators such as Tick at 918 while CPCE is dropping to extreme zone. Both are warning that a s/t top should not be too far off.


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