Weekly time frame:
- If the EW count that I am following is correct the corrective decline from the April 2015 top is not over yet, as one more down leg is needed to complete a Double Zig Zag
- From the February low, the assumed wave (B) has recovered to the 0.5 retracement of the previous down leg.
- We have to wait for the weekly print in order to see if price fails to reclaim the 20 wma = 10107. If this is the case and next week the support at 9899 does not hold then odds should favor at least a pullback at the 10 wma = 9630
- A weekly close below the 10 wma would increase the odds that the rebound from the February low is over
Daily time frame:
- Price has carved out a Rising Wedge
- Today's Spinning Top can have established at least a s/t top
- A larger pullback is probable provided the 10 dma = 9905 is breached
- The break down of the rising wedge would open the door to a decline towards the target box that has a range 9572-9405
