The wave count remains unchanged since the last update. The chart above is a bearish one due to the wave structure since the last high. The most bullish scenario is a complete (or completing) leading diagonal lower (not listed above). It is a weak option but still implies lower prices after a rebounding 2nd or 'b' wave. Also possible, and more likely, is a sideways correction developing since the Monday or Tuesday low. But following today's trading high, the 3 waves down to a new low is generally very suggestive of a low not yet complete.
It looks clear at this point that the last all-time high marked the high of a wave which began 8/30. If this was a corrective or impulsive wave, it remains to be seen. In either case, prices should drop noticeably in the weeks ahead within sideways wave [4] or a larger bear market as the alternate' count for a subdividing (5) seems the most unlikely of the potential options.
blog comments powered by Disqus