The clear 3 wave corrective rise has completed with the entire rise accompanied by negative on balance volume (so more volume sold than bought). With the touch of the upward corrective channel and the initial leg down having completed a small 5 down, this looks like the beginning of the next significant impulse leg down that will likely extend to 1.68 the length down that we saw from the first impulsive wave down.
Comment:
The wave structure of c circle could also accommodate a small upward push to ~276 before turning down in iii ... and given the positive seasonal bias on Friday's this is entirely possible ... but not required.
Trade closed: stop reached:
yep...lost my ass on this one!