The bulls need to defend the wave 'a' high, which would represent wave i, and print five waves off the 3/26 low in order to form a larger degree five wave structure. So if the bull count is working, we should see a lil dip here coming to form what should be a wave iv.
But again, if it dips back into wave 'a' as labeled on the 5 min chart below, then chances are a test and/or break of the 3/26 low should be coming.
At this point, I give the bears a slight edge since I do not count a clean five wave structure off the 3/11 low thru the 3/23 high.
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| 5 Min |
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| 60 Min |
