EOD Update
Is wave 2 down finally underway? Could the market be triangulating up here? Very possible too.
Below I have three 15m scenarios. Not sure how to weigh each one at the moment. I'm beginning to really like the Alt2 chart. However, I will stick with the first one (listed as primary) for now since the VIX, EUR/USD and HG (copper futures) may be in line with it.
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| 5 Min |
The structure off the top still counts as a three wave structure.
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| Primary |
So far three waves down. Is this enough of a correction or will it turn into a double zigzag? The 60 min MACD sell signal may be implying that this would be the case.
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| Alt 1 |
Very similar to the Primary above but implying that the correction may be nearing it's end.
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| Alt 2 |
I like this alternate as well. This is calling for a wave c red rally to complete the double zigzag correction up. X green may triangulate as well.
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| EUR/USD |
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| HG |
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| VIX |
