wave count. In the previous count (yellow wave) the 5th wave was awkward. This one fits the bill better. From the 3rd wave (yellow), I thought at the beginning to be the first wave of a bull
trend. The way the market developed, this may not be true. Two reasons, 1-There are weakness detected. If we were at the 3rd way up, then there wouldn't be such weaknesses. 2- the length in between IV wave point (in yellow) and current bar is way too wide for a valid 2nd wave. Currently I tend to lean on the 5th wave down. However having said that, I can not make too much sense of the formation between the IV point and current bar in terms of wave count. Still I am bearish
at this moment, until I am convinced otherwise.