Today’s trade was totally in line with yesterday’s analysis. I was looking for a new low under 13709 and got that in the globes session. The rally from the opening was strong and persistent, which is characteristic of a “b” wave. Thus far we have reached a high at 13926 which is a Fibonacci level. The decline has been small thus far leaving expectations for additional rally on the table. I am not looking for a strong push above the existing high at 14059. Under the Preferred count I am tracking the development of an A-B-C correction to complete minor wave 4. That suggests from the high of wave “b” a “c” wave decline should begin and actually resemble today’s action but in reverse. Wave “c” then should complete towards today’s globes lows at 13700. Then once again expectations would be for a blast higher to announce the start of th minor wave 5 advance.
April 22, 2021