Because today 'can' be currently counted as 'five-waves-down', there is some probability that, contrary to the 8,000 hype, the upward count is over. Note, this count, the truncation count, still requires better confirmation, but it should receive serious consideration because of the sloppy upward progress of the last several sessions.
The count is shown here in the ES rollover contract, but cash would be similar. There is no reason that a throw-over of the upper wedge is required, and those who think this must happen might be abandoned by price. The RSI hasn't quite broken a larger trend line from late July, yet. But it could.
We will have to wait and watch for both that and further confirmation signals in upcoming days.
Have an excellent rest of the day and start to the evening,
TraderJoe
Thanks Tj.
ReplyDeleteInfact Anthropic's annualized revenue run rate (ARR) was to be released today which has not. Your chart fits everything.