SUMMARY
Current price action shows an upward pointing wedge that could signal a minor correction. The key question is how much of a retracement? The blue Elliot Waves show a modified count different from prior posts. It shows a 1,2,3,4 and 5 about to complete and it would jive well with the upward pointing wedge. Now, I've seen a good number of wedges go against the trend and bust our of the pattern to set a new trend. However, whether that will occur with current situation is a bit up in the air....in a word; I don't know.
If there is a breakdown of the upward pointing wedge, then it is not necessarily a call for alarm. Why? Corrections will always be part of an uptrend. Every impulse has two retracements; waves 2 and 4. While there is the undertone of fear from the bears; let's see if the minor correction can be worked into the overall uptrend.
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