Exhaustion gap open due to options expiration may have completed the rally...
Today was options expiration for the June contracts which caused a price gap higher on the open. The gap up open was immediately filled making it an "exhaustion" gap. The decline through out the day formed a small impulse five wave structure that took out yesterday's low. In yesterday's video we showed how a possible "triangle" was forming for wave-b and that if it was a "triangle" we would see a small move higher as wave-c to complete the wave (ii) correction. It appears this is what the market did! We've labeled the small five down today as "micro" [1] of "sub-minuette" wave-i. If this is what the market is doing then we should see a gap down Sunday night and Monday morning for wave [3] of wave-i. If this is what the market plans to do we will see price form a larger five waves down below the previous wave (i) low and finally break and over-lap the top of the previous wave [a] high. If all of this happens n...