Dow update

dow march 26 2018

So the gap was there all right but the index moved up nearly 700 points, not down. This is not unusual as when you are wrong with EW you are usually very wrong. So what could be happening. It is possible that yesterdays count is still correct but we have a wave 4 ( Of 3 of 3) first and only then we go down.

An alternative possibility is that all of this is simple an A-B-C correction in which the C wave is taking the form of a diagonal, read wedge. In that scenario we did wave 4 of C today, all or most of it. I must confess that I am biased against this outcome.

Below is the same scenario using the mini futures.

Dow march 26 2018 mini