In the chart above, notice the 16 point Initial Wave formed in the morning, followed by a 62% mid-day correction and then concluded with a 16+ point final Impulse Wave in the afternoon. A good example of an almost perfect market symmetry chart. In the morning formation of the Initial Wave, the market demonstrated a short bias by creating a lower pivot low than the pivot low formed overnight.
The mid-day correction also formed an almost perfect three wave market symmetry formation. After the initial wave is formed, look for a 62 to 50% correction followed by a final Impulse Wave, whcih should be almost equal in length as the Initial Wave. Also look for $TICK confirmation.
Above is the final third wave move following the mid-day correction. Again, look for $TICK confirmation.
Charles
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