The market made a large move lower today. The count is still a completing wave
[iv], now a more complex version than the one seen in yesterday's update.
A complete wave
[iv] is possible, but the Monday-Tuesday rally is difficult to view as impulse wave
(c) of
[iv].
Wave
[iv] is also noticeably smaller than wave
[ii]. This suggests a continued correction before
[v] begins.
The expectation is for new recovery highs following what appears to be a flat correction since February.
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