The price move to yesterday’s peak has proven to be a three wave [a]-[b]-[c] structure and may consist all of Minor wave 2. If so, that portends a very quick and shallow Minor 2 peak and is a very bearish development.
Today’s market internals are increasing as downside pressure continues. This increasing pressure, if it peaks higher than what has come before in wave 1 of (3) down (as shown on the bottom red histographs using NYSE data), probably indicates that Minor 3 of (3) is just getting started in unfurling.
