Wave b may not be done yet...
By
The market started off the session initially higher this morning, but failed to follow through much beyond the progress already made into Friday's high. Price has since rolled over into the close, so far leaving us shy of reaching the ideal fib target for wave (c) of b at 5189 as the .618 retrace and measured move fib where wave (a)=(c).
Therefore, I think it reasonable to consider that the high made this morning finished just wave iii of (c), and the pullback since is wave iv of (c). If that is the case, then 5120 - 5109 is retrace support that should hold as wave iv of (c) in order to turn price back up again in wave v of (c) to still attempt reaching 5189.
Otherwise, as noted this morning any break back below 5105 is going to start favoring all of the circle b-wave complete, and price heading down in the start to circle wave c that can take price back below the April low.
