The user Scottick at Daneric's Elliott Waves has an interesting theory that market highs tend to occur on or shortly after earnings-season option expiration dates, such as tomorrow. The wave count and general market action certainly seems to suggest a high is approaching.
So, in other words, we have, as I see it, 7 waves up from the Subminuette "b" wave low to the HOD. If wave Micro [8] ended this afternoon - as I suspect it did, and it did stop on a trendline - then we may very well have an ending diagonal ongoing from 1:59 p.m. to the end of the trading day, and might have closed the day having just finished Submicro (D) of [9] of "c" of (z) of [b].
The optimal start tomorrow for this view is mostly flat or slightly up, dragging higher - but not too much higher - throughout the day and possibly selling sharply in the 3:00 hour. Market-manipulation theorists would argue this would be so that the supposed manipulators could destroy the value of the call options purchased during this very green week.
The alternative, however, is that we are in "c" of (y) of a double-zigzag (rather than triple-zigzag) Minute [b] (or (c) of [y] of Minor 2, if you prefer, and just move everything up a degree). This relies on a particular interpretation of the move from 11:21 a.m. to 11:35 a.m. - namely, that it be a "five". You can, in fact, make a decent argument that it should be a "five"; the problem is that the move from 11:35 to 11:48 also looks like a "five".
In this case, my Submin "a" and "b" are really Micro [1] and [2] of "c", and what I have labeled as Micro [1]-[5] are really the Submicro waves of Micro [3]. We are currently in Micro [4], a contracting triangle: the move from 10:13 to 11:35 is Miniscule A of (B) (11:21-11:35 being Subminiscule [v] of A of (B)), and we are currently in or have worked our way through Submicro (D). A down start with a rally tomorrow in Micro [5] would lend more credence to this view.
