Let's not forget about the possible alternate count. Given the the strength of the decline though, I'm not sure this drop is a wave 5. However, you never know with the market and with volatility ramping up a bit, large price swings may be in the picture.
Anyway, my primary count is here and to the side of my blog there and now here is the alternate.
[EOD Update]
What an exciting day. I'm glad it started with the right call on that triangle ;). At least I had the direction right.
Check back later for an updated squiggle count. Hopefully it will shed some light on whether (5) is in or there is more downside to come.
[12:25 PM PST Update]
(5) in progress...
[11:45 AM PST Update]
[9:38 AM PST Update]
Updated Primary Count
Just something to keep in mind. Some will argue that minute [ii] did not complete a retrace typical of a wave 2 (50-61.8%) and I won't necessarily argue that. But again, this is my alternate.
1060s should find some support. We'll see.
[8:45 AM PST Update]
Here's a squiggle update. There is a lot more to come people!!!
[8:35 AM PST Update]
[7:10 AM PST Update]
My current thoughts. This equals more downside to come.
I noticed this formation yesterday around 12:29 (EST). I mentioned this while in the Circle Community Lounge at 12:29. Initially I wasn't too sure of the count but thought minute [ii] could have been in.
There is a slight problem with this count though. Subwave 3 of the first LD is longer than subwave 1. This is an EW rule violation.
We'll just have to see how this plays out. All the other options out there still work with this drop we are expecting to see.
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