EDITED 730PM FRIDAY: I edited my commentary for clarification. Too many Cap't Morgons on a Friday heh
I told you it was an up day (LOL - 1 point!). Well actually the intraday waves is a mixed bag of zig zags and 1 impulse to the upside thrown in there along with a spikey end of day move. Today's intraday waves are a very tough read indeed. Its as if the market is not sure what it wants to do. However, it lokks more bullish than bearish.
The e-minis actually made a 5 wave up move, all during trading hours so that is a clue that this whole move up today is a leading diagonal in the subwave (i) postion of wave [iii]. That means more upside to come.
What does that mean? It means there is no more room for the bulls, retrace of wave [ii] is over and we go up Monday very nicely for the "meat" of a wave (iii) of [iii] move. Unless of course wave [ii] is some kind of sadistic complicated wave, I'd definitely say wave [ii] is over. I'd also say subwave (i) if [iii] is about over and it has to be a leading diagonal I suspect. So Monday *should* be a very bullish day if this is a true wave [iii] which is my primary count.
Prices recovered. Bears got squeezed a couple of times again. Bulls still hanging up here in the 940's. Higher lows the past week or so. If your a bear, you're hoping this whole past 7-9 days is a distribution pattern. The waves do not support that view.