All 3 counts mentioned on the last post are still valid but it is looking ever more bullish for the time being.
The double top count is still in due to the fact we keep getting failures at the 5400 area. However todays dramatic reversal and ABC formations on the bigger scale suggest more upward movement. Count #2 from the previous post, the zigzag would just have one more 5 wave movement up. in the c wave from 30th July, if c is to equal A we would fall short near the 5500 area above the .618 retrace of wave 1
If this is Count #3 ending diagonal (ED), i would think we're in the 3rd wave up with one more high before a short break for wave 4. Wave 3 would be shorter than wave 1 if it is a ED. But its important to keep in mind that its very rare ED's occur in C wave position (according to the EWP book that is!)
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