It seems that everyone expects a crash now that we've had a decent size drop. I'm going to offer an alternative of what I think is going on. As you can see we have been making zigzags since beginning of January after what looks like an AB of a flat structure. I think we are in 2 of C now, and should be turning up after one more drop to complete 2. The final structure will end up looking like an ED because of the zigzag structure of 1. My target is ~2870.
Comment:
Also, what makes this unlikely to be a top is the double top came one after the other. The second top is more likely to be part of a correction because it occured right after a decent sized drop.
Order cancelled:
This idea is no longer valid based on chart behavior over the past week. I'll update with what I think is going sometime later.
