It appears that we will likely see corrective movement to the upside through the end of the month. This is clearly an impulse, indicating that this is either a C wave or a 3rd wave.

Looking at the previous leg to the upside, it reached the 1.236 extension. Indicating a 3 wave move – A wave. Meaning that this is clearly not a third wave, it’s a C wave.

Locally we are looking for a short term pullback likely to the .5 – . 618 retracement . This could present a scalp long entry, however it will be a counter trend trade, which carries much more risk than waiting for a short opportunity. A break below the .618 at $10,300 would likely invalidate further upside.

If you are experienced with trading corrections, this move offers easy scalp opportunities. However, from the perspective of the larger structure, this move up is not the move I am looking for to swing. It’s the leg that will follow that I am interested in.

Published at Fri, 25 Sep 2020 02:16:55 +0000

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