Breakout Means Counts Getting Clearer About Bullish Picture
With the break above the Y point it's a lot more likely this is the start of an impulse or at least a choppy wxyxz that's in an upward channel and not just sideways.
It's still not exactly clear where the prior C point of the ABC ends from the larger 5 wave impulse that stopped at 10k, so there are a couple combinations to keep track of to see what wave type we're in and which bounce points to expect.
The most likely bearish points are found with measured moves and shown with red rectangles. The green 4 point box is the one I'm waiting for to trade with size.
It never reached the 8600 area I was looking for to signal a buy entry which strongly suggests the consolidation area was absorbed by the market and we are leaving a re accumulation zone.
This means the 3/Z leg we're on will probably be fast upward and not give much in the way of pullbacks.
I do have a very small futures scalp long from a script signal from the other day which I am holding. Momentum signals from things like macd during this 3 wave will probably work better than counting waves since the waves at this point will be packed tight together like they were during the XY leg on the chart.
Overall I am only bullish here and looking for the 4 point to materialize in a couple days.
It's still not exactly clear where the prior C point of the ABC ends from the larger 5 wave impulse that stopped at 10k, so there are a couple combinations to keep track of to see what wave type we're in and which bounce points to expect.
The most likely bearish points are found with measured moves and shown with red rectangles. The green 4 point box is the one I'm waiting for to trade with size.
It never reached the 8600 area I was looking for to signal a buy entry which strongly suggests the consolidation area was absorbed by the market and we are leaving a re accumulation zone.
This means the 3/Z leg we're on will probably be fast upward and not give much in the way of pullbacks.
I do have a very small futures scalp long from a script signal from the other day which I am holding. Momentum signals from things like macd during this 3 wave will probably work better than counting waves since the waves at this point will be packed tight together like they were during the XY leg on the chart.
Overall I am only bullish here and looking for the 4 point to materialize in a couple days.
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Idea for possible short term path
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