Just adding the squiggle count.
EOD Update
Main CountNot much to report other than the fact that my primary count is still intact and the bounce so far is shaping up as expected.
There are a few things I'm looking at that leads me to believe that a wave 5 up is upon us.
60 min MACD is on the verge of a buy signal, price closed back above two key trendlines I'm watching as well as the 20 day SMA .
One thing that concerns me about the main count is the fact that the bounce may count more corrective than impulsive when counting at the lower degrees. However on the hourly chart it looks like tomorrow should be seeing a third wave up, whether it's a wave c or 3.
However, there are a few things going for the "more downside to come count too."
1291-1295 will be a key level to watch tomorrow. If there is more downside to come, this would be the level where this bounce should reverse since it represents an approximate 62 % retracement plus it would fill in the right shoulder of an inverted h/s.
So if the market drops after a potential bounce, wither either:
1. Either a wave c/y of a larger 4 plays out to the lower daily Bollinger Band at 1260ish. This level would make c/y = 1.681*a/w.
2 It's a third wave down of a larger trend change in store.
Daily Bolliner BandsSome key trendlines holding.
TNASmall caps may be hinting at a breakout towards the upside too.
