Bullish above today's low
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The market continued to drift higher following yesterday's close, putting in a local top pre-market this morning and initially selling off right after the open. As price reached the .618 retrace of the bounce off yesterday's low, I sent out an alert to look for a corrective pullback to potentially complete there. Price did indeed turn up from that support and produced a micro 5 waves up from the noon low, so as long as today's low holds moving forward, price is setup to attempt more near-term upside.
Based on that expectation, price should be setup as at least a i-ii start to wave (c) of a wider corrective flat off yesterday's low shown in blue. In that case, 5879 - 5900 would be the target range that price should try to reach before completing wave (c) of the corrective flat.
If more bullish and trying to start wave iii of the red count, then it looks more likely to be a leading diagonal off yesterday's low than an impulse, but clearing the 5879 - 5900 would suggest price wants to try and breakout above the October high in red wave iii.
