This little pop down completes a clean 5 waves for the (v) of iii. Alternatively it completes the larger 3, either way it means some volatility in waves iv and v with two iterations to get through for the first and main count. Once this larger wave C of ii is complete, this should be THE Bull market of the next few years.
The count continues to play out fairly well and starting to see the volatility of the iv's and v's show their teeth. These last few legs into a final bottom for the wave v of C of ii should eliminate any remaining Bull's in preparation for a major turn up that should continue for a good few years. The 90-88 zone remains the primary target zone for the completion.
As price charts out what I've labeled as wave v of 5 of C of ii (the ii is of a much larger degree wave 3 to the upside) Which suggests a major turn is ahead once pattern is complete. Back over 95-96 would be a conservative zone for the wave iii of 3 to have already started but for now the 90-88 is the target zone for the larger turn.
The wave i of 3 of (v) was a clean 5 wave affair and we now have in place 3 waves in what I'm counting as the wave ii. If the count is correct, next week should see a powerful wave iii of 3 lower with the high from the 12th as the marker. Low volume into end of year isn't ideal but that's what the structure suggests at present.
Whether we are building out an Ending Diagonal wave (v) or simple impulse leg, the same targets apply for a very important longer term inflection point as we head into 2018. FED's rate decision day volatility aside, structure is holding up well. Through 94.50 on a closing basis would require either the Ending Diagonal or consideration that we're already in iii ...