Hi....I believe you're on the right track....I've been following the same pattern on another charting platform....just remember, the 1-2-3 pattern can also possibly be an a-b-c retracement until there is confirmation when there is a 4 retracement and then a return above the 3 ( as long as the 4 doesn't pass below the top of the 1) So Right now that is a 3 or C? impulse and there's a 50/50 chance to go up or down....with that said, I believe it will continue up into a 12345 impulse because it crossed above the top of a longer term downward channel on strong momentum when it completed that 3 or C impulse. I am currently long with a SIU17 futures 1725 call option.
Xytruin
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@Xytruin, Also, 16.43 is a critical fibonacci resistance level on multiple timeframes. Let's see if it breaks through that level. (I'd put a chart here, but not sure how to add to a comment :) )
meitshel
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@Xytruin, thanks for your feedback. feels good if i am on the right track