The market flushed into the target zone and though initially found support at the 200 day SMA, eventually resumed selling below it and thus violating the count as
previously posted.
I have adjusted the count to the next alternative with the invalidation point now set to 2954.13. If this is breached today, the long term bull count is not necessarily out as highlighted by the weekly chart below.
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| Daily |
Note: I will probably revamp the degrees for the count above to better reflect what we are seeing in the weekly below.
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| Weekly |
Perhaps wave (4) turns into a
running flat or expanded flat. Some targets for wave (4) is the lower end of the trend line, 200 day SMA or last low on Dec 2018.
