ORIGINAL POSTPrices have broken over the upper down channel line as we expected to occur for my proposed expanded leading diagonal count. We now have a "diverging" [i]-[iii] line versus the [ii]-[iv] line for our proposed expanding leading diagonal. It would look better if it diverged a bit more with higher prices.
Our Minute [iv] target range is 1303.98-1316 based on EWP's guideline of 66-81% retrace of the previous wave [iii] down for a leading diagonal count. We have an uncovered gap in that zone and the 20 and 50 DMA just overhead at 1302-1304ish. An ideal target range would be a visit to the down candle on my 30 minute chart in the blue box area 1308-1312. Then a downturn must occur.
So we have a setup for a Minute [iv] peak and subsequent Minute [v] downturn to lower lows.
The alt count is of course the Minor 5 to new highs. I haven't discussed this much lately because I think it is a lower probability. The squiggles are not yet forming any kind of coherent impulse pattern up - only zigzags in my opinion so far which is consistent with a counter-trend rally wave. For instance you'll notice the overlap today with some previous pivots.