Early High on Friday Followed By New Weekly Low Tomorrow?
If we are in Intermediate wave 1 down, we are likely near the end of Minor wave 4 up. Here is confirmation of wave 3 of 3 with the pink bars aligning in the bottom indicator at Minute wave 3 (green) inside of Minor wave 3 (yellow):
There is a chance Minor wave 4 up has finished and was only 2 hours long. While the other likely option and one pursued in this chart is that Minute wave B has likely finished or could finish near the open. If Minute wave B ended with the low from August 3rd, then wave C will likely conclude within the first 3 hours of trading on August 4th. Strongest model agreement has wave 4 lasting 6 hours which would mean the top occurs within the first hour of trading. Secondary and tertiary models point to a likely maximum length of 8 hours (the third hour of trading on August 4th).
The possible reversal levels are based on the following datasets in order from most specific to current wave location to more broad datasets.
Light Blue levels are possible locations of market top tomorrow
Yellow is slightly less specific than light blue
White is most broad dataset
The muted pink color represents specific data for Minute wave 4s in Minor wave 1s in Intermediate wave 1s.
Basically the high tomorrow will occur within the first or second hour of trading and not go above 4550. Most conservative zone for the top is between 4524-4536. If the high from August 3rd is not surpassed on August 4th, the market will likely head down (and is already) into the final wave 5 of Intermediate wave 1. Initial loose projection is for this near-term market bottom to occur next week. Once confirmation of Minor wave 4's endpoint is recorded, Minor wave 5 will be projected.
There is a chance Minor wave 4 up has finished and was only 2 hours long. While the other likely option and one pursued in this chart is that Minute wave B has likely finished or could finish near the open. If Minute wave B ended with the low from August 3rd, then wave C will likely conclude within the first 3 hours of trading on August 4th. Strongest model agreement has wave 4 lasting 6 hours which would mean the top occurs within the first hour of trading. Secondary and tertiary models point to a likely maximum length of 8 hours (the third hour of trading on August 4th).
The possible reversal levels are based on the following datasets in order from most specific to current wave location to more broad datasets.
Light Blue levels are possible locations of market top tomorrow
Yellow is slightly less specific than light blue
White is most broad dataset
The muted pink color represents specific data for Minute wave 4s in Minor wave 1s in Intermediate wave 1s.
Basically the high tomorrow will occur within the first or second hour of trading and not go above 4550. Most conservative zone for the top is between 4524-4536. If the high from August 3rd is not surpassed on August 4th, the market will likely head down (and is already) into the final wave 5 of Intermediate wave 1. Initial loose projection is for this near-term market bottom to occur next week. Once confirmation of Minor wave 4's endpoint is recorded, Minor wave 5 will be projected.
All forecasts are based on analysis of past behavior. Prior movements are not always indicative of future movement. Develop the theory, test the theory. Do your own research. Nothing in this analysis constitutes advice. YouTube For More. Good luck!!
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