This is a continuation of the same projection of a 3-drives pattern, linked below. Clearly, there has been no rally to a reversal at the expected channel intersection, but we seem to finally be rounding up the bowl now, likely as a final price pump before a deep selloff to come as we approach a crucial May 10th deadline for China exchanges and banks. The overhead 4H ichi cloud and the long-term $428 support/resistance line, combined with the downward channel itself, means there's not a lot of headroom for a rally here, but the momentum is building anyway, and just like we saw at point "A", at some point it will get silly and those who have been accumulating for a week will be desperate to dump when the selloff comes.UPDATE 5/7: rally has run all the way up and kissed that ichi cloud and hit the top of the channel. Point B is clearly defined now. expecting a selloff at any moment...**UPDATE 5/8**: this china-driven rally shows no sign of stopping, and now is pushing up against the channel top. I've just posted a new chart below showing a very likely scenario where point "B" is actually located up at $470, point "3" is down at $353, and the wave ratios actually form perfect 2.0 proportions again. It also forms a massive intersection with the long-term bear triangle right at May 10th....(once again, the downward channel bottom boundary has been shifted up when I publish the chart. should be shown touching the bottom points of the pink triangles)
