Clearly today’s upward retracement off of the $35 overnight low is a micro wave 4 consolidation. The question is, will it be short and shallow or draw out with the potential to reach $53 – $55 in a standard ABC move? For us to get to $53 – 55…I do not want to see price get any lower than $40.25 in the overnight session.

A breach of that price could mean we go straight down to the target box or this micro wave 4 could take on a more complex pattern like a triangle.

For now, Let’s focus on tonight’s clues. Any decline must hold $40.25.

Best to All,

Chris