As we get ready for today's trading day we find price is consolidating in our minor wave 4 with ultimately one more poke lower towards the 3830 to 3800 region. Technically, this micro wave 4 can be done so I have indicated that with an alternative purple 4 on the below micro chart. This is an alternative if price breaches 3855 without moving into the 3900 region. However, my expectation is we have NOT finished wave 4 and should be carving out our minor b of 4 now. I do expect price to eventually get above 3900 in the next 24-48 hours. This is not an area that is safe to trade. Undoubtedly as I write this some of you will go long. Long is a slightly higher risk trade even though I am expecting slightly higher due to an alternate label being placed on the micro chart.
Additionally to short is to participate in the final machinations of a short term downtrend and you risk over staying your welcome. Let the pattern play out.
We should get OML this week, then have a tradable rally to conclude the year. Lets see what clues take place today and I'll update you this evening.
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