Friday's Point of Control is acting as support with yesterday's Point of Control being resistance. The market traded back over yesterday's day session low, which then acted as support after the opening bell.
Got just 1 three-wave move this morning. The correction phase doesn't always go 50% of the up or down move. The next thing to look for to determine if the correction phase is over is time. Lately, the correctiion phase will typically last 10 to 20 minutes. This morning we got a shallow correction that lasted about 20 minutes. During that time the $TICK remained positive and trending upward. The market then broke to the upside to give us a three-wave symmetrical pattern.
Charles
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