I am seeing a RABW on the D1 in between counts D & E. This consolidation is count E on the W1 rising wedge. The probability for breakout is about 40% up, 20% down from this formation but I am leaning towards a bullish breakout as long as we stay above 2250. Here's why:
1. 2250 is the local VPOC
2. a bounce at 2250 would satisfy a bullish partial decline structure on wave E.
3. the RABW structure is also a B/O ad RT of the yellow UTL at count E. The Yellow UTL is the rising wedge formation from 1k low.
Note:
Heading back towards 1k to make a double bottom structure is feasible, so 2250 and 2000-ish are bull/bear points I am watching.
1. 2250 is the local VPOC
2. a bounce at 2250 would satisfy a bullish partial decline structure on wave E.
3. the RABW structure is also a B/O ad RT of the yellow UTL at count E. The Yellow UTL is the rising wedge formation from 1k low.
Note:
Heading back towards 1k to make a double bottom structure is feasible, so 2250 and 2000-ish are bull/bear points I am watching.
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