Well, today was a resounding internal market follow-through of two trading days prior. Therefore, I am adjusting the count. Instead of the recent low of Minute [i], I am changing it to Minor 1 low. Therefore, the expected “bounce” of a Minor wave 2 of (3) will carry higher and last longer than that of a Minute wave [ii] of 3 of (3), one wave degree lower.
I actually hope I am proven wrong and the market collapses, but I suspect it will not just yet.
This would be the “squiggle count’ of Minor 1. Minor 2 should at the very least overlap in prices with the previous Intrmediate (1).
From an SPX view, here is a possible wave action scenario. In simpler terms one could just say ” The SPX will rally to at least meet its 50 Daily Moving Average”. (The blue line on the chart). I suspect that will be the case.
