After the 4th wave throw under, we should expect a motive wave up consisting of 5 waves. Pink 1 broke back into the channel and tested the top rail before falling back mid channel. Then we see a series of waves unfold which I have applied a count to. The compelling thing about this count is that it again tested the top rail from below and could only break out and stay above during a 3rd of 3rd and the breakout was accompanied by a significant gap. This is what we would expect out of a 3rd of 3rd at this small degree.
If this model is correct then pink 3 is done now or it will need 2 more small waves up to complete green 5 (if that will will be a 1-2-1-2-3-4-5-3-4-5) and thus pink 3. I think it should begin to pull back tomorrow because green 5 is now about the same size as green 1.
If this is the case then we should get a small 3 wave move back down into the end of the wee, and then a small 5th wave rally into the first week of Dec before the real top is put in. BA is unlikely to be going up by itself if the broader indices are stating to sell off.
Bottom line, if we get a 2-3 day sell off in the markets which does not appear to have much strength and which shows up as a-b-c on the BA chart then I will expect one more final wave upward.
There is a chance that I the space between orange 2 and orange 3 is actually 2 wave which would change the count so that yesterday was the peak but I like the count below better. I will bail on TVIX if we get the pullback into pink 4 and then be looking to see if JNUG falls back as well during that time in synch with the broader markets. If so then pink 5 below should be a nice run for JNUG.
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