Based on previous wave structure we might have finished wave 5 of 5 in July.
The structure after that however still looks rather corrective, i.e. like a triangle...
If the count is incorrect and we only finished wave 3 in July then we might get another wave down after the triangle completes at E...
I do however think that the count is correct and we might therefor just break the upper triangle boundary to the upside... In any case based on the divergence, overbought condition of the stochastics and after the gap down on the open today we have a good position to enter a longterm long with stops tight below the lowest low and 1st target around 135 (much higher if we break that trendline!).
The structure after that however still looks rather corrective, i.e. like a triangle...
If the count is incorrect and we only finished wave 3 in July then we might get another wave down after the triangle completes at E...
I do however think that the count is correct and we might therefor just break the upper triangle boundary to the upside... In any case based on the divergence, overbought condition of the stochastics and after the gap down on the open today we have a good position to enter a longterm long with stops tight below the lowest low and 1st target around 135 (much higher if we break that trendline!).