Friday’s trade again performed as expected in that the market did pick up the pace to the upside to give additional support to the minor 5th wave being underway. I have update the preferred count by marking the minute wave 1 complete at Friday’s highs. This then suggests that a minute wave 2 correction is underway or possibly complete. If wave 2 is complete expectations would be for the market to again pick up the pace to the upside and easily break above Friday’s highs and head up towards 14000 as wave 3 unfolds. Fibonacci levels have been added to downside (wave 2 continuing) and upside showing resistance levels for the completion of minor wave 5 and in turn Intermediate wave 5, Primary wave 5 and the Cycle wave 3 advances. As the advance continues higher I will be able to fine tune Fibonacci levels.
May 10, 2021