Support held for another high
By
The market turned immediately down after the open this morning, following expectations for a corrective pullback as wave (4) of C discussed in the premarket update. The pullback this morning ended up reaching the lower end of the fib support cited for wave (4) at 6744, which has so far held and been followed by a nice rally this afternoon.
Therefore, as long as the low made this morning holds, the expectation is that price will attempt at least one more high from here with 6792 as the ideal minimum target to reach before wave (5) of C completes, followed by 6804 as the next potential target.
Otherwise, a break below the low made this morning is now the first step toward opening the door to a possible top in place as at least the larger degree circle wave iii, followed by a break below the prior low on the week as the next step toward confirming a top.
