A pullback may be imminent

6.26am Update
The pre-market raises the odds of one of the two following scenarios:

The rise since 1329.24 is clearly motive impulse waves (5-waves non-overlap pattern).
The rise from 1396.56 is likely a wave 5 extended and my target would be 1494.00.

My high odds scenario maintains a push up on Monday to test 1474.51 to take it over and a pullback next. At a higher high of 1474.51 seen, a forcefully selling pressure would present.

Another low odds scenario is a continued pullback on Monday (unsuccessful test 1474.51 to make B from ABC pattern) to test the support 1451.75-1446.37. At this support level I would like to add longs.

No comments: