The market finally corrected today and now we have 4 clear waves on the chart. So we could (and should) see a 5th wave materialize early next week to complete this wave from the 1325 low. One thing to keep in mind is that w1 was 32.5 points and w3 was 35 points. So a 5th wave would have to be more than 32.5 points going by wave theory. If we add 32.5 points to the low for the day (potentially the low for w4) then we get at least 1395, so early next week should be fun if the 5 wave move completes. Now, there have been recent 5th wave failures so anything can happen next week, but this is all about odds.
Long Term Portfolio: 100% Long
Short Term Trading Strategy: Shorting intraday extremes, closing same day
Have a great weekend!
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