Still no clarification in all this madness but I think we may be close. That descending trendline (magenta) is close to breaking to the upside.
Based on this 60 minute count, minute wave [ii] retraced [i] by 50% (typical of wave 2s) and is now working on a wave [iii] up. However, this could still just be minuette wave (b) up of minute [ii] as well. We will just have to see what the market does.
Perhaps minuette (ii) required some more room to the upside. Granted this would make for a poorly structured wave since minuette (ii) will have retraced minuette (i) by a significant amount not typical in a nested 1-2. The only options left here is that subminuette c of minuette (ii) falls short of taking out subminuette i. This count may be in serious jeopardy.
As posted this AM, I like this count, especially with the way the minis is structured.
By this count minute [ii] may be complete with a nice 50% retracement of minute [i]. Obviously there is room for more downside as the move higher today could only be part of minuette (b) of minute [ii].
I now have the mini breaking out of the little channel in what may be wave 3 or C up. But like the alternates above, this may only be wave b up as well.
Watch out for the inverted head and shoulders. This also applies to the cash market.
