discobiscuit

discobiscuit

Proposed bull count, with three wave corrective structure (double three) from high of 4683.50. Red ellipse with zigzag, orange ellipse with double three, yellow ellipse with regular flat. Bulls looking for impulse off low of 4305.50.

discobiscuit

Three impulse waves, will likely combine to complete a five wave impulse down. Would expect a correction to the 4380 area at some point.

discobiscuit

Move off low of 4338.25 does not look impulsive; zigzag correction down from 4383.50. Looking for this to break down to further lows or evolve into a larger corrective pattern.

discobiscuit

Three corrective structures, red ellipse with zigzag, orange ellipse with double three, blue ellipse with regular flat. Too early to tell, but this bull count has the C of the regular flat end in a contracting ending diagonal.

discobiscuit

At least two impulse waves (red and orange ellipses) from local high of 4566. Last bit of the price action looking a bit "wedgy". Cases to be made for completion vs. continuation... curious to see how this plays out.

discobiscuit

One completed impulse down from high of 4566, one (or more) evolving impulse wave down from 4508. Ultimately, I would be looking for a completed larger impulse or a zigzag to be put together from these smaller impulsive structures. I believe odds favor more downside, but as always, anything is possible.

discobiscuit

Red, orange, and yellow ellipses contain three wave corrective structures. Green ellipse contains updated impulse wave and blue ellipse contains price action from today (also looks impulsive). Market chose interesting place to pivot at 4508... which is now key resistance.

discobiscuit

At least one complete impulse wave up from low of 4462.25, with evolving impulse wave off low of 4482.25. I would say the key price level to stay above (in the short term) would be 4482.25; if so, I would expect higher highs back towards 4600 for the rest of the week. An impulsive move below 4482.25 opens up a move below 4462.25 and beyond.

discobiscuit

Three wave corrective structure in green ellipse, three wave corrective structure in blue ellipse, price action off low of 4462.25 is just starting (red ellipse) but looks impulsive.

discobiscuit

Green ellipse contains price action that appears impulsive down, corrective up after low of 4487 yesterday. Odds favor further downside, with at least one more impulse wave down.

discobiscuit

Proposed completed impulse off 31829.00 high, although where the 5 goes is up to interpretation (in one of the two blue circles). Where the 5 goes will help determine whether price action off 11 Sept low will end up being impulsive or corrective.

discobiscuit

Ellipses shown group proposed sub-wave structures. Price action within red ellipse could be interpreted as one impulse wave or a zigzag. Area in rectangle contains most of the volume traded since 27 July (distribution?). Impulsive price action today; how that evolves over the next week or two will likely reveal how the price action in the red impulse should be...

discobiscuit

Move up from 7 Sept low looks corrective. Blue ellipse contains a regular flat, green ellipse contains an expanded flat, and red ellipse looks like a double combo.

discobiscuit

Blue ellipse does not have the look or typical wave structure of an expanding leading diagonal. I think a bear rally is more likely, with the rally nearing completion or part of a larger corrective structure. This count shows the red ellipse as a complete regular flat and the green ellipse as a complete expanded flat.

discobiscuit

Not much clarity presented with today's price action, other than the expanded flat (blue ellipse) is complete. Price action in red ellipse is corrective; bears will hope for continuation below 7 Sept low next week, bulls will hope that a leading diagonal emerges.

discobiscuit

Analysis shows completed impulse waves in blue and corrective waves in red. Impulse wave in green may be done or may have more to go. Currently, I'd favor that these structures all fit together as one impulse wave down, but too early to rule out more bearish possibilities.

discobiscuit

Price action overnight certainly opens the possibility of another leg down that, as a buyer, I would be interested in. If low of 7 Sept holds, then larger corrective structure (off 7 Sept low) in play. Count shown accommodates another leg down.

discobiscuit

I see a series of corrective structures after 18 August low. Blue ellipse contains expanded flat that, more than likely, is complete. Bounce off 7 September low (red ellipse) does not look impulsive. Will wait for more price action to provide clarity before entry.