Todays move was encouraging that the momentum along with indicator validated our EW count from last Fridays analysis. The ST has yet to turn over, which would then validate our EW count. This is contra to what I have been recommending in the past. I still do think the indicators should still be followed first and foremost, but if you are the speculative type then the advice here is that any speculative play has to be limited in qty. until the indicators confirm the analysis.
Therefore at this point the EW analysis still looks good but the ST has not turned. The mid day pause however is also encouraging meaning there is some sort of consolidation or corrective attribute in the pattern and is usually followed with a continued move by previous trend (in this case down).
MT: DOWN
ST: UP
PA: DOWN
15Min chart possible count:
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