Tuesday’s trade did give enough information to allow additional labelling. I have updated the labelling which shows that the market has completed or nearly so a double a-b-c correction. As labelled you can see that the 2 a-b-c structure are separated by an “x” wave, which is also a 3 wave pattern. Not the most common corrective pattern but acceptable and often seen during a period of indecisiveness on direction so the correction ends up burning time rather than price. Allowances are needed as to the second ‘c’ being complete — Fibonacci extensions show additional downside support. Expectations remain for the larger advance to pick up again making new highs still very probable.
June 16, 2022
Thursday’s trade was for the better part of the U.S. session a continuation to ...