Continuing from the 15 min wave count, where the C wave of 2 is closing in an ending diagonal (contracting), wave 1 (where wave 5 ends) developed in a leading diagonal (expanding). Wave 5 of 1 shows typical wave 5 behavior with an RSI divergence as does 5 of C from the 15 min analysis. We appear to be in the early stages of a 3 of 3 of 3 , meaning an extremely powerful move to the downside. Incidentally, on 1/11 (november 1st) we have a fibonacci cycle low starting from 10/07 highs and on Friday october 29th we have the minutes from FOMC. Panic low? we'll see. I'm placing a short @ 14915 and more below 14787. Stops when the intermediate bear market is negated (see 15 min. analysis.)
Comment:
Incidentally, 14918 (orange line) is the 1.618 extension of A high from B low. It also coincides with retracement to C (minimum retracement) of an AB = CD Fibonacci pattern.
Order cancelled:
Clearly the wrong count
