Weekend Update: Slightly Higher Early Next Week, then Down?

Jan 22, 2023

With price on Friday breaching 3969 which was the point where the purple count would become my primary over the Black count. The above chart features the old purple count as primary now. As you may remember under the purple count chances are much lower that price will make it down to the sub 3788 level. We needed to see an impulsive 5-wave pattern that could reach those levels given how we started and this doesn't appear to be the case. There's a purple "b" on the above chart. Although an alternative, our b could have bottomed. We have a 3-wave move down but only above 4035 does this become reasonable.

I believe we will edge up early next week towards 3992 to as high as 4018 and start lower. This move lower should take us to the mid 3800 area. If price follows that path this is an area I hope to go long in size.

Best to all,

Chris