[4:33 PM Update: LD?]
Here's a 15 min view and a count highlighting a possible LD vs the falling wedge count I have as the primary. The difference here is if this is an LD, this would represent the first wave, designated as either 1/A, that is followed by a sharp wave 2/B bounce. That bounce may go as high as 78%.
However, once that bounce is complete, a third leg down would follow. Given the daily MACD sell signal today, we must remain mindful of this option.
Just like the falling wedge count below, there may be one more leg down before the market bounce up and out of the wedge.
Keep in mind this is not my primary, however, a very steep bounce would be considered a truncated 5th as some folks have proposed should Minor 5 be playing out but fall short of making a new high.
This wedge is either complete or very close to it. If it is not complete, today's bounce was wave b of e, which may have completed and began wave c into the close.
EOD Update
This wedge is either complete or very close to it. If it is not complete, today's bounce was wave b of e, which may have completed and began wave c into the close.
The bounce off today's low in no way looks impulsive so I may have to give more weight to the wave b bounce of e. Besides it also looks like a bear flag.
I'll try to examine the squiggles a little later should something indicate a more bullish bounce occurred off today's low.
