Wave 5 is now complete if the primary wave count in the last update is the correct one. The pullback today was a good start to a sell-off, but it may also be a complete zigzag within 4 of the "or" count. There is no clear favorite at this point.
If the "or" count is correct, there needs to be three impulse waves higher in the range above which is not a great option in the short term. This is the story of much of wave 3; the wave clearly counts best as a complete wave within complete wave (5) (the colored count).
The reason for the introduction of the "or" count (actually it was the alternate''' count in the last update) is the fact that it looks best on a larger scale; the proportionality of 2 and 4 seem better with the "or" count whereas complete waves 5 and (5) look a bit small in relation to their respective 1st wave counterparts.
In the longer term, it seems clear that a wave higher since late 2011 is winding down as momentum is waning.
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