OK so jumping gun a bit here.... but rainy overcast day and cant do the gardening my mom wanted me to do so thought I would be a bit productive........
I have gone into a lot more detail so that people can get an understanding of the application of the methodology so that you can learn your own stop loss criteria! My current recommendation is caution - little potential upside gain as we are nearing a smaller fractal top! Is it worth playing on the weekly level - look at the weekly chart - that is what I call your investment horizon!!!
In February as discussed in the monthly report prices broke out above the expected consolidation. Prices turned at the original count W-1-2-3ML as shown below, together with W-2-3-4 if W-4 is in place.
The consolidation zones are shown as red triangles for W-4, and if the December low is Q4. then M consolidation zone in red plus orange triangles.
This would give a late Q4 for an extreme correction by July 2018 of 785 as shown below.
If in March we get a new high around 1303, then the wave count changes to the red alternative count shown below the upper channel parallel on the M-3-4-5ML as shown below and a break above that will turn the probabilities to the December low being Q4.
Below you can see we have cyclical resistance starting at 1255.92, 1303.47 (plus pivotal resistance at 1307.59, followed by cyclical resistance at 1342.08, and at 1392.08 both cyclical and pivotal resistance for March.
Support starts at 1221, and above you can see the expected bar development for W-4 and the weekly alternative count, making a high around 1303.47 with a possible spike to 1307.59.
A break of 1222, whether before another without another high favours W-4 is in place and we have started the final Weekly wave down to make Q4, with cyclical resistance at 1173, followed by 1058 and 1037, with pivotal resistance between at 1046.
A break above into the orange triangle shown above will strongly favour the December low being Q4, however count first moves up one fractal to the orange rectangle count shown above the upper monthly channel parallel , and we can expect an ideal pivot at 1392.08, with a consolidation around 1348 first.
From a wave development and shape this favours the start of March making a new high as shown, before turning.
What ever happens this is pretty much an ultimate shake out - of both bulls and bears, which is what is needed to make a trend change. Wherever this high is made - there will be a retest of the December low!!!
Monthly confirmations are as follows;
December low is Q4 break above 1392.08
W-4 is in place break below 1046.54