with Anthony, ZigZag & Platy
We have hit the downside target in the futures market highlighted by the measured move down and also the volatility band support area shown by the green trailing line. Based on my previous wave structure analysis the assumption is for 3 minor waves down, therefore this bounce within the next couple of days may well be a decent area to go short again in the 1293-1299 region half the projected measured move down after this i believe that the market will test 1222-1228 region before moving to new highs. A more comprehensive update will be posted tomorrow any position changes will be updated to the website. Over the next few days the wave structure and therefore the major low should present itself.
We are now waiting for the anticipated bounce out of this low after meeting the downside target, this did not eventuate on Monday. Ill be posting an update tonight, it is now my expectation that we bounce higher into an 11-12 June high. This could be the minor wave 2 of 3 im looking for before moving down into late June for the anticipated low and is more inline with the cycle progression charts previously posted.