After a few days of jockeying back in forth between the triangle, rectangle, option 1 and 2 counts, it looks like the market has chosen to break down out of the range. This makes sense given the fact that we were able to count 13 waves up off the 11/25 low.
The previous option 2 count has taken the driver seat for the moment. So with those13 waves up from 11/25, I have marked it as wave (a) and now the market is working on what may be a complete wave (b) as you will see below.
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| 15 Min - Option 1 |
Wave (b) may be complete as wave y of (b) = 1.618*w of (b) and wave (b) has retraced wave (a) approximately 38%.
The 3 Min Correction count below highlights the subdivision for wave y as a corrective wave.
However, if the market intends to correct further to the 50% and 62% retracement levels, keep an eye on the "or a" grey labels. The 3 Min Impulse count below highlights this potential.
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| 3 Min - Correction |
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| 3 Min - Impulse |
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| 60 Min- Primary |
Let's not forget about the bigger picture. Notice how wave b is now approaching the purple TL?
