SUMMARY
Note: I'm traveling today so no video updates until evening.
My primary count remains as shown below. A leading diagonal counted as 1,2,3,4,5. I believe that price could have bottomed with the recent Bull Wick spike below the lower wedge line which was promptly retraced back inside. Since then, price has breached the upper wedge line and remains above it. The second above white line connects the highest two peaks and represents a resistance, should price continue rising to higher highs.
The below close up shows that overnight price action briefly pierced downward through the upper wedge line but was quickly retraced. These kind of price actions are quite common where price hops around a major support/resistance line. Similar to the Bull Wick, this is another way of depleting the weak hands. My primary count remains that price should see higher highs; lest the wedge support line be broken decisively.
The Head & Shoulders pattern remains and with the current developing bounce, the Right Shoulder could complete. I've slanted the Neck Line (blue) downwards to the right. This thus changes the upper high target from $9,451 to $8,895. No significant difference.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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