Price has gone nowhere and looks as if it could be forming a triangle - and let's not rule out a flat correction… Thus it looks like we shall see more consolidation at least in the 1,560-1,625 area before this finally begins to decline in Wave -c-.
The downside failed to follow-through once again… Obviously really frustrating and it seems as if we may remain in this mode for a while longer since, as things stand now, this is beginning to look like a triangle which will imply Wave ^c should reach the 1,623.86 area and then decline in Wave ^d to around 1,561.98.
What we shall also have to keep in mind is the potential for a flat correction which could be seen if the 1,555-60 area breaks...
For more information regarding ratios and levels please see the attached PDF file.
HARMONIC ELLIOTT WAVE BLOG