The market made a big move lower today. This was not unexpected however given the downward impulsive action since 4/8 illustrated in
yesterday's update.
Since 4/8, there appear to be two impulse waves lower. This means a corrective zigzag has completed or there will be a downward "3rd of a 3rd" wave later this month.
The larger count above suggests wave
[ii] of
C completed today. Unless within wave
(XX) wave
[v] of
C was truncated (with lack or proportionality between
A and
C), there should be a new recovery high.