On Wednesday I was I identifying two channels on the E-mini: Two Definitive Channel Breaks on the E-Mini.
... Well, it turns out there were 3 clear channels ... :)
See the chart below. We started out in the steep blue channel followed by the pink channel (same as the link above). But the action Wednesday and yesterday also formed the aqua channel .... Doh!
So this is still speculative as the price has not broken out of the aqua channel yet
..... however ....... (when did that ever stop binv from speculating :) )
The count going into a bounce off the lower aqua channel line looks very much like a 5 wave move terminated with an ending diagonal. The bounce up looks very clean and convincing. Much like an impulse wave to start A of Minor 2?
That's what I think, but this wave down has surprised me a couple of times :)
Added 60 min chart
Chart / Count idea based on conversation with Joske
Thursday updates - Click here for a free 14 day Trial Premium content
1 year ago