The primary count hasn’t changed. Minor wave 5 up. In yesterday’s update, it was suggested that a move lower today may mark the low of Minute wave [ii]. In fact, it hit precisely on the predicted trendline. A 50% pullback is a healthy wave [ii].
There is actually a decent count for yet a lower low than today and still be Minute [ii] however, prices need to land above that 7700-level talked about yesterday. The chart below is drawn from a bearish perspective, but you can see Minute [ii] could go one step lower and still be Minute [ii].
The next best count I like is this one. Alas, if this is truly an exhausted ending diagonal (expanding) pattern, I expect the market should crash as if it is exhausted.
This pattern would account for the Composite also.
