AKE Chart, page-278

As far as the day is concerned, we have to wait and see if it double bounces off the bottom for the day (or starts a new set of three inverted flags down. Our concensus multi day target for the first retrace was about 960 (955 - 969) and I don't think anything has changed on that, but the candles and trends of the last few days have been pretty haywire, so there is isn't a lot short term to go by.

On a daily basis it has broken all the possible down trend upper channel lines today and probably voided the bottom of the down trend channel (but we won't know for sure until later in the day). As far as the next couple of days, if this is a turn, which it looks like it is, then we need another day or maybe 2 for a channel. The wave targets remain as they were I think 960'ish, 996, 1038, and 1159. Each of these is a probable minor retrace point. The risk is that as we go increasingly out on these targets the FA factors become an increasing risk. The lower targets are higher probabilities.

I just had another look at the intraday chart and that previous bounce point didn't hold, unfortunately, and it did another 3 small flags. The first major flag gives about the current bottom as its target and the third minor flag gives this same point, so I'd say we now have a second contender for a reversal, but again, it has to clear the first flag and breakup (not down) and that flag has to either be less than 50% of its pole or form a double bottom with its pole and break up for it to be a tradable bounce. The target then becomes the height of the pole (measured from top to top of the respective candle sticks added to the upper channel line of the flag at the breakout point (using the pole height method) or 161% of the flag height measured top to bottom of the flag using my fib flag height method. Often the two approaches give the same number (surprisingly), but it gets interesting when they don't.