it may be a wave 5 underway, then big short. it invalidates below 85.3
that was a impulse move down, maybe a wave C down, so next can be be a correction up, or another impulse up, wave 1, wave A...
I think we are in wave C( impulse up) from wave IV( corrective to the down trend)
it is a correction in my opinion. After ABC end will come one big impuls down? Or maybe it is a wave 5 up( ending)
if my count it is correct will be come a leg down before one more bigger up.
If this wave D will be rejected by trend line we have wave E down. If break out we have a leg up wave C. Correlated with DXY more chances for a E wave down.
If the break out of the trend line it is valid we start a road to down
We do not know when it will end wave E, so make assumptions, but if it was done here is coming one big leg down
but the market is always right, so we expect the confirmation
let's wait to see the price action. In my opinion we are in a correction( wave 2 or wave b) and then come the leg down( w3 or w b)