I wish I had something really cool and insightful to say this morning, but I don't. A pretty uneventful overnight session and it is leading into what looks like is going to be an uneventful US Friday session. The same parameters hold from yesterday in that wave iii should continue higher toward the Fibonacci extension levels of wave i marked at 2042.75, 2065.75, 2095 and 2127.50 (see chart). Most likely, wave iii will end around upper channel resistance and the Fibonacci extension of 161%, giving an estimated stopping area of around 2075-2100. This should occur as long as 1958 remains intact. The reason for that is because that will break the series of higher lows that have been in place for several weeks, and because it will be very difficult to create a viable impulsive wave count from the wave C low at the 1802.50 if price goes below 1958.
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.