Overview: this structure is definitely very unusual and tricky to count. Let's review the expectations of yesterday:
Update: Following the publication of yesterday's idea, we made a higher high to complete the zigzag in wave (II) as predicted. I was expecting a double zigzag to develop as wave (II), however, it did not and based on the price action of today, I think the most probable scenario is that we are developing a flat as wave (II). I am still considering the same range for wave (II) peak.
Note that the alternative count is that we are in wave (III) to the downside with a very shallow wave (II).
- The price action followed our expectations nicely, except that I made a call for wave (I) bottom a bit early.
- Looking at the hourly chart, I believe we have almost completed a zigzag in wave (II) so far.
- Can it be all that wave (II) had to offer? yes, it is possible, but I don't think its the case, mostly because it has been a very shallow pullback as a wave (II).
- As a result, I am expecting a second zigzag (y) to develop tomorrow and on Wednesday before FOMC.
- I have the same range of 3960-3986.25 for wave (II) peak.
Update: Following the publication of yesterday's idea, we made a higher high to complete the zigzag in wave (II) as predicted. I was expecting a double zigzag to develop as wave (II), however, it did not and based on the price action of today, I think the most probable scenario is that we are developing a flat as wave (II). I am still considering the same range for wave (II) peak.
Note that the alternative count is that we are in wave (III) to the downside with a very shallow wave (II).
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