My previous posts assumed that a double zigzag Elliott Wave structure for Wave 2 had come to a conclusion because of how nicely a head and shoulders pattern had appeared. My expectation was that the market would then begin to roll over and things looked promising into yesterday's close.
However, we are now looking to gap up, yet again, and so if it charges even higher, and especially if the "head" or "Z" in yellow gets overtaken today or tomorrow, then the big bear flag structure has not yet completed, and the market, to really disappoint the bears one final time, may go up again. That would be an alternative count in red, after which we can expect wave 3 to begin in earnest.
So, we'll just have to see how things play out today.
However, we are now looking to gap up, yet again, and so if it charges even higher, and especially if the "head" or "Z" in yellow gets overtaken today or tomorrow, then the big bear flag structure has not yet completed, and the market, to really disappoint the bears one final time, may go up again. That would be an alternative count in red, after which we can expect wave 3 to begin in earnest.
So, we'll just have to see how things play out today.
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But, we won't really know yet, as the market has not actually opened yet and as of 5:45 CST a head and shoulders pattern is still in play. If it tanks hard then my previous conclusion that wave 3 down has already begun is still on the table. Just how bad (or good) will that ADP employment number be? I suppose that is what the market is trying to position against.