W-X-Y

UPDATE 12:08am EST: I was just having breakfast and checked the Zero chart with my iPhone. Had to jump up and run over here to share this:

I usually don’t count small degree waves but this looks like a w-x-y count to me – the w and y are both a-b-c zigzags. This is known as a combination or a double in EWT and is nothing but a more complex consolidation pattern. We are outside the channel I drew and this is an inflection point IMO. There’s a possibility this was just another small degree consolidation and we continue our slide downward. FYI – this is too small to be Minor 4 of (5).

UPDATE 12:43pm EST: Someone mentioned that a lot of action seems to happen when I walk out to have breakfast. True, but I’m sick of snarfing down my first meal in front of a monitor – LOL 🙂

Anyway, right after I so proudly announced that shiny EWT consolidation pattern the tape started to revert a little. So, here’s a good line in the sand that might help us gauge the direction this will take. If we breach this little resistance line we most likely pop a lot higher. We are now officially outside that channel I drew, so your guess is as good as mine. Frankly, I’m still waiting for a large pop to dip into puts again. This is way too quiet for me.