It is possible, though unlikely, that the up move is over today. Minuette (y) may have completed its C wave of a three-wave move, in which case the sell-off at the close is a portent of a move more vigorous than mere profit-taking. Alternatively, it could be setting up as a diagonal (or the C wave needs to complete a largely flat fourth wave), which would allow us to intersect the upper channel in wave "e" (or [5] of "c") within our target range.
Time-wise as well as price-wise, we are still a bit early; the target is still Thursday, August 9, at which time "c" of (y) would equal "c" of (w) in time (6 trading days and about the same number of calendar days).
The Nasdaq 100 filled its gap at 2698, but has yet to fill the gap at 2785. If it were to fill the gap from this point, it would require an up move of 3.37%. If the SPX rose by the same percentage from its current point, it would hit 1441.21; however, the SPX is not a perfect one-to-one correlation with the Nasdaq and it appears as though the blue-chips were weighing it down somewhat (the gravestone doji is more prominent on the SPX than on the Dow Jones).
excellent analysis
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