Today’s micro 5 wave structure was far bigger than expected as was the pullback from that rally. Provided we DO NOT take out the afternoon low, and we now trade above this morning’s high of $109.295 we should be headed to the purple target area on the chart above. A breach of the afternoon low should yield a minor new low to red target box. On concern is since the bounce off the afternoon low appears corrective in structure. This is not what you want to see with a reversal in trend. Once again…I’m 50/50 as to how this will shake out.

The pathway to our purple target box should be another 5-wave structure.

EWT School: 5 wave structures travel in the direction of the trend, whereas 3 wave structures are counter-trend structures.

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Chris