On yesterday's price action, the rise from 5077 following yesterdays fall on the jobs news looks to me like a completed 5 wave movement on the 1 minute chart, including an extended 3rd (ie. wave 5?)
It is 82 points & given wave 1 of C is 50 points, then 1.61 x 50 = 80 points (as near as dam it) so could we have seen the orthodox top at 5159 (on the cash open hours chart?)
The subsequent drop to 5122 is also a completed 5 wave movement IMO(wave A) & finished in the territory of the 4th wave of the previous 3rd of one lesser degree. So, If we get an expanded flat (ie. 5160 is an orthodox top) an additional 64 points (46 points for wave A x 1.38) added to 5113 = 5177 for an expanded flat wave B.
This would suit me nicely Which is probably why I've made it fit...lol
Anyway folks, the top is either in or will not exceed 5177, you heard it here first!
Joking apart, please DYOR etc.
Regards
TDL
Ps Time to food shopping, my brain hurts...maybe it was the wine I had last night?
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