Although the index has not dropped below the critical $4458 level, we must now be mindful that either the red W-iv to ideally $4300+/-25 is underway, or the blue W-B counter-trend rally has ended, and the index is working lower to $2700-2900. Please note the upside levels have been on our radar since October last year. SeeOn August 18, the index bottomed out at $4335, very close to the red W-iv target zone, shown in Figure 1 below.
Thus, Thursday's $4458 high can be counted as green W-a, Friday's $4356 low as green W-b, and now the index is working on green W-c of red W-ii/b to ideally $4500+/-25. From there, the index must break first below the $4458 high, followed by the August 18 low to usher in red W-iii/c to ~$4075.
Regardless, we can conclude, as long as Friday's $4356 low holds, we should look higher for at least $4500+/-25. Above the $4550-4600 region, and $4790+/-10 is likely next.
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