Morning Update: Price in Target Box for Black "b"

23 sty 2023

As I posted in my weekend update that price should spend early this week catching a bid and I expect pressure as the week progresses. There is the offshoot chance that this low of last week at 3901.75 was our larger b-wave bottom as outlined in purple on the above chart so be aware of this possibility. Purple is always my alternative count. In the primary Black count I am expecting price to eventually give way to lower prices into the mid 3800's.

This current surge in prices that started on Friday has Fibonacci resistance up at 4017. That's not to say price will get there in the black count...but don't be surprised if it does. In the purple count, if price were to breach 4035, it certainly bolsters continuation upon a consolidation/retracement.

As of right now I am in no rush to short this market...I am still in favor of observing the price action as I evaluate my trade strategy this week.

Best to all,

Chris