The 15 minute look is showing us breaking out of a small, flat top formation, that formed just under the old all time high at 463. We should backtest this 463 area sometime in the near future from the topside.
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The 60 minute look is quite busy as I have left everything pretty much in tact and just add the next formation as it shows up. You can make out wave i up to 463 and wave ii down, blue falling wedge, that was a 50% retrace of wave i up giving us a bottom at 372. Wave iii is well underway and with the breakout of the old high at 463, we are on our way to uncharted waters.
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The daily look shows our big blue diamond consolidation pattern and our wave ii falling wedge, catching support on the top black rail of our rising channel formation.
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The weekly is showing our wave 3 of III uptrend channel with our price objective of 660 for our wave iii of 3 of III.
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The last 2 charts are of the entire bull market showing all the consolidation patterns and our big uptrend channel. I still believe it is possible to hit the upper rail of the major uptrend channel at the end of our big wave III as the 2nd chart shows. We shall see.
All the best…Rambus
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