I forgot to include the bigger picture for perspective.
Looks like the market wanted to head back to the lower end of the range to end the quarter.
My alternate count on the 10 min that was posted yesterday appears to be the best option very near term. This most recent decline is still best counted as a corrective mess so I am assuming there will be another bounce. How high depends upon which option: blue, blue2 or red below is in play.
If this is going to continue in this range, a bounce here or very soon would not be unreasonable to expect. Notice that the market now has a lower high and higher low (for now) in place. This may be setting up option blue2 below.
The latest drop still counts best as a corrective wave and I believe is about to complete a tiny Ending Diagonal near the bottom here.
This either completes an Ending Diagonal or Leading Diagonal. Either one implies a large bounce should be in store. A 78.6% retracement would take the market back to approximately 1180.
|Blue Count Option|
|Blue2 Count Option|
|Red Count Option|