Persistence of that weekly stochastic rolling down and the continued range bound price action suggests the blue Wave 4 may in fact be in play already. The negative divergence on the monthly chart, supports the red wave 5 being in already, although the lower order counts below look like another upside test is due.
The daily stochs look in need of upside relief and the 4hrly suggest this may have already begun late last week. I am looking for a move up to complete a red wave 'b' at about 12000 and then a move down to test that break out zone discussed in previous posts at around 10,000, unless something more complex starts to build. We will see how the weekly stochs look when that area is reached or become oversold earlier. Looks like we have a triangle in the middle of the red wave 'b' for now, so could be a slow start to the week.
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