However, with more time over the weekend to look at it, I think that 3 or C was put in on last Friday. So we should not BOLO a move to the $540 level which does not, at the same time break up into $550. I will say that what I have marked as 1 or A might be B of 2 or B (i.e. expanded flat) and if that is the case then the bounce could go as high as $565 without red 4 going back into the region of red 1.
I also want to point out that wave 1 tested the breakdown but it took wave 3 of 3 to smash the lower rail.
So we are now going to find out if the pullback from the peak has been corrective or motive. I am on record in the last post as saying that shorts should cover into 5 of 3 or 5 of C because we don't know which it is going to be at this point. So now we wait to see how the bounce will play out.
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