Our confidence in the scenario that we have been expecting to unfold is increased due to the small triangle. Triangles are terminal patterns, meaning that the move from the triangles will lead to a reversal.
“An A-B-C correction (as a iv wave within the 5 wave decline from 114.65) should come to an end this week or next. Wave C is viewed as underway from 98.56. Wave C would equal wave A at 103.88, very close to the former 4th wave extreme at 103.58. Resistance near the 104 area is reinforced by a resisting trendline that is drawn off of the 12/27 and 2/25 highs.”