Seems we (may) have completed 3 of 5 waves down, which for me begs the question of whether this impulse will be the entire final leg of the 2-year bear market, or just the start of it ((1) of V of (C))?
If the former, it may likely end as truncated/double bottom depending on how far the 5 extends. If the latter then capitulatory wave to lower 100's/double digits is still on the table, although (2) will probably need to retrace very heavily (ie to ~$260's) for the rest of the impulse to maintain reasonable fib proportions.
image snipped
Curious to hear your guys thoughts on this, or any alternative counts.
If the former, it may likely end as truncated/double bottom depending on how far the 5 extends. If the latter then capitulatory wave to lower 100's/double digits is still on the table, although (2) will probably need to retrace very heavily (ie to ~$260's) for the rest of the impulse to maintain reasonable fib proportions.
image snipped
Curious to hear your guys thoughts on this, or any alternative counts.
I was thinking in the case of a triple zigzag that your count is good for (a) of Z. Alternatively, this 5 down could be c of (b) of B where we will get a nice rally above 315 to complete a large B counter trend correction to the 152 lows' A.
When I get home in an hour or so, I'll post a chart of what I mean.
Edit: Got home faster than I thought. Red would be the former and yellow the latter
Edit #2:
I do think your 4 is too short (in time) as it is right now, so i could see a 50% pull back and a C up over the next day or two.