The NQ made quick work of blasting through 18305 and continued to drop nearly 1000 handles lower.
Once the market bounced at 17361, I have label that as the completion of wave 1 of (3). The caveat is I did not count the squiggles but it looks like a decent impulse wave.
The bounce should be considered a wave 2 of (3) and is now back testing the 18305 area. Note a 50% retracement would equal 19528.
This is the most bearish count and considered the primary.
However, I would like to make note of the alternate count, which honestly could be considered the primary as well. This count though has a long road ahead in order to be proven correct.
