I have modified my Chikou-Span to better reflect Horizontal Trend
Fans show my new fork positions.
I'm not a big fan of Elliott Wave, but I like what Dan has been showing. It fits with my analysis. I've duplicated his ending diagonal here.
Accordingly I believe we should be looking for a 5 wave structure in this Cyan fork, which will most likely widen, but this is the placement I like for the immediate market.
Keep in mind today's lows must hold, else the bears will take this to 1300.
At key support.
Testing the 20 MA
You may recall I said 1339.50 was a very important value. This is now the resistance level at which the market will have to test before breaking to the upside.
Currently 1329 is the key support being tested. This a VERY important level to hold. It is the trend line and bottom of a major channel (white).
The Forks are lining up on this critical point today. and 1329 is also Horizontal Support.
I suspect the white channel will hold but if it does not the market could sell off hard to 1300 area