Friday’s trade while being more range bound than trending did manage to put in a new high for the sequence at 15141.75. I am continuing to count the completion of a small but complex wave 2 correction at 14941, with the current rally being the beginning stages of a subminute wave 3. Expectations for wave 3 remain for a continued advance reaching resistance at 15220 to 15225 with the optimal level being at 15302 to complete wave 3. We are getting close to the apex where all the advancing sequences will complete. Once wave 3 is complete a quick 4th wave correction would be followed by the final 5 wave sequence to begin. Ultimately there is still potential for a solid move above 15400 and continued rally reaching the 15700 area.
August 15, 2021