The chart has been updated with the price action while the price targets (blue ellipses) for yesterday (first shown a few days ago) are unchanged. We hit right between the two. I would have liked to see the high "in" the ellipse; but, as the Rolling Stones are fond of saying, ".. you can't always get what you want."We did have a negative reversal in the RSI (RSI value higher on Friday's close than on the August 8 close while price was lower). The minimum target works out to 1388. This time the reversal is being confirmed by my second momentum indicator.
Finally, yesterday's price bar was day #2 in a Robert Miner "Snap Back Reversal" pattern. And so, I have to lean towards the view that the "C" wave rally from August 16 is complete. If this view is correct we should break the August 16 low without exceeding last Friday's high.
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