Today went about as well as I could hope considering yesterday’s post warning that Minor 2 high was probably “in”. We did not get a 1-point rate hike but all the same the market head faked higher and then sold off bearishly into the low at the close. Today is the proposed “kickoff” of Minor 3 of Intermediate wave (3) down in the markets and being wave 3 of (3), this should be the strongest down wave(s) yet to come.
The path of least resistance is still downwards. If the count is correct, we are looking for the first Minute wave [i] of 3 of (3). Ideally, Minute [i] should again take prices lower than the previous lows, perhaps even much lower than shown here.
