The persistence of this rally caught me off guard a bit but fits well as a wave (ii) counter trend move. Several of my intraday indicators show the market overbought here. I'm not sure we'll get a breakdown this morning, but ideally the rally should stall here and perhaps break down 30 minutes prior to the close. The jobs report should then trigger wave (iii) down tomorrow morning. This count remains valid as long as 1992.75 is not broken. Although even if it is, we could still work the 3 wave rally off the wave 1 low as a wave 2 correction. More after the jobs report Friday...
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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