Well, here we are, still trying to find the bottom. I hope the line chart I presented this morning was helpful.
There were a few options I presented throughout the day in the Circle Community Lounge. In the end I had to make some changes to my labels and for now will present the two best counts as far as I can tell.
There is one 3rd option, an uber bearish one, and Columbia1 has this one laid out. It is very similar to my previous uber bearish 5th of a 5th wave extension but my labels were slightly off. See Coumbia's count here.
The two options I have on the table are ranked as follows:
Option 1: The first chart. It should be self-explanatory. It has been my primary count now since this drop started. The only thing that gives me pause is how to count the squiggles in the blue box. I think I have it right but I have also seen other options that may also be right.
I am expecting five waves down to complete minute [i]. Two of those waves may have already completed. We may see the open with a drop tomorrow since it will have to be a third wave down.
Option 2: This option, though it is an alternate, I like quite a bit. There is a slight possibility the subwaves do not count out well as 3-wave structures as they should for an ending diagonal. But so far, it "looks" pretty and counts fairly well. I also have it finishing up wave five.
The difference with this wave 5 down is that it will look like a zigzag or 3 waves. This last wave should not exceed 1072 +/- 1 since wave v cannot be longer than wave iii. I have the distance of iii marked on the chart.
So, for now, it is pretty easy. Looking for 5 waves down total tomorrow. If it looks like only 3 waves are playing out, I will refer to the Ending Diagonal chart.
And last but not least, I'll be keeping an eye to see if this last fifth wave begins to extend. It certainly is an option. I forgot to mention that if it does, the flag formation indicates a move to 1050, which I believe an extended 5th of a 5th can take price to.
Unless I can think of anything else, this is it for now and maybe you can join me in the Circle Community Lounge tomorrow for some real-time wave counting.
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