Above is a YTD daily bar chart on a log scale. The last bar is resting on a few long established trend lines. This line should should not be broken significantly if primary wave [2] is still underway as the count above depicts.
A 1 minute bar chart is shown above. It covers what I estimate to be wave B of (Z) of [2] which should be nearing completion if it has not already completed. The wave labellings have changed slightly but his pattern still fits within channel lines quite nicely and continues to show an inability to break below the bottom line.
Considering the large sell-off today, there is a bearish argument. The sharpness of this decline is typical for the "3rd of a 3rd" wave of a larger decline. This sharpness is not typical for a 'c' wave. But prices are very close to overlapping waves in the 1074-1076 area which is not far above. Price action just does not look impulsive, there is too much indecision present. Far lower prices should have been reached by now. If prices do break down, confidently breaking below the lines shown in the two charts above, the count will change. But for now, a corrective correction charts the best.
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