In my last post, I suggested the possibility that futures are completing a leading diagonal, but I wasn’t being very careful. Strictly-speaking, leading diagonals need overlap between their wave “ones” and their corresponding “fours,” and we lack that here.
So, hmm. It just looks weird to me at the moment. That merciless grind over the holiday: when I see that that sort of channeled chop, it usually ends up being a “b” wave somewhere. And so perhaps we need to something like this:
At any rate, the ultimate thought is likely about the same. I don’t have a lot of confidence in this rally yet.
Now, if we simply explode to the upside, then I can still keep that chop as a “b” wave, by making it part of a “2,” like this:
That way the chop becomes the red b here. So, I remain open to anything here for the time being.
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