Providing this count is correct we have had a major wave 1,2,3 and currently finishing the 4 before the final 5th up. Wave 1. An A, elongated B, C as a 3-3-3.(wave 4). Wave 3. A, elongated B, C
The count would be as follows:
Wave 1.
Corrective - A, elongated B, C. (3-3-3)
Wave 3.
Corrective - A, elongated B, *currently doing the C*. (3-3-5)
This count would be invalidated below around $48,200.
Further confluence to this count will be posted below.
TL;DR
Short term bearish. Medium term b000000lish.
The count would be as follows:
Wave 1.
Corrective - A, elongated B, C. (3-3-3)
Wave 3.
Corrective - A, elongated B, *currently doing the C*. (3-3-5)
This count would be invalidated below around $48,200.
Further confluence to this count will be posted below.
TL;DR
Short term bearish. Medium term b000000lish.
Comment:
A further drop to the levels outlined (to remain above the wave 1 and thus keep the count valid) could be around the .618 golden pocket.
Comment:
Diving deeper in to the current (potential) wave 4 count.
Comment:
A clean break above this area highlighted in green would invalidate my bearish count and have us going up.
Comment:
Unless we get a bottom here on horizontal support (truncated corrective wave) the logical places of support should be around $51,500 and if that fails $48,400.
A fall much below $48,400 would invalidate my count. Remember, a drop even as far as this would still be a 'bullish' wave count.
A fall much below $48,400 would invalidate my count. Remember, a drop even as far as this would still be a 'bullish' wave count.