The 'original count' is how I had it labelled until very recently. On one hand this 'third wave down' which looks near completion appears from the sharpness of drop, to qualify for a wave five. On the other hand there seems no proportionate more complex price action for a wave IV, so I'm wondering of $60 or thereabouts will become the 'ceiling' to a further drop. And thereby both provide the final over exuberant wave up in expectation to indices, and then as the price doesn't rebound provide the prove move down to the end of the (iii), i.e completing a full i-v wave count within the full length of (iii), and provide a trigger to a major indices downturn.
This wave count is a major interest to me, because I'm trying to synthesise coherent cross market moves. If this is the case how low can crude go? $20?