A gap-down opening on Thursday below Wednesday's swing low implies wave 5-down was in progress. Then upon completion of wave 5 decline, I was looking for a large ABC wave rally that closed the opening gap late in the trading day.
On Friday morning I am looking for a completion of a larger wave C of ABC rally that started from Thursday low with upside target between 3010 - 3022.50. Resistance are 3010 and 3022.50.
As long as it does not clearly violates 3022.50 resistance level, the next leg down should resume, whether or not it will resume its downtrend on Friday, only time will tell, but upon completion of a large ABC wave rally, as long as it does not clearly violate 3020 resistance, the next down-leg should resume, with the next downside target at 2900.
However, a clear and sustained break above 3022.50 implies the daily uptrend has resumed, targeting another higher high above Wednesday's high, negating Wednesday's reversal down day.
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