There's also a big momentum divergence on the AO at this time-frame and a 62% retracement of wave 1 of (3). Since this appears to be a Wave 3 of (3) on the horizon the next drop will be extremely strong. Bulls beware.
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I'm favoring this new count. The current one could still be possible but I'd say it's a slim chance considering the momentum on a higher time-frame. This will create a big bearish divergence and give us some momentum to break through this support. Also it will create some nice harmonics :)
Also keep an eye on the other possible pattern here:
Right now I think the most likely formation is the horizontal triangle, second to that is the current chart, and the final possibility is wave c up to 231/240 forming a harmonic like my most recently published chart. Chances of ONE of these being right is extremely high. Due to the ambiguity of this trade using fractals is a great way to keep yourself with the trend.
At this point it is very difficult to come to any conclusion other than short with stop losses right above Wave C