Following expectations for a b-wave
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After continuing briefly higher following yesterday's close, futures began to roll over during the overnight trading session, ultimately retracing the majority of yesterday's gap up from the Friday afternoon low.
As discussed this morning, price followed the expectations that Avi laid out for a wider flat b-wave, filling out the wave B of b into the low made this morning and rallying strongly since in what should be wave C of b.
Although price has already retested the prior high that futures made following yesterday's close, there is still room for wave C of b to reach a bit higher near-term with either the .764 retrace at 6747 or the measured move fib at 6760.50 as the ideal targets.
Otherwise, a break back below 6678 would be the initial indication that wave b of (a) has completed and price is heading back down again in wave c of (a).
