⭐ Merited by El duderino_ (1)
Short term downward pressure, mid/long term upward pressure. I'd say there's a decent chance we test the 20-day MA (currently in the low $9,600s), possibly lower. I expect the market to hold above $9,075 to keep this bullish EW count intact.
The chart is proceeding as expected. The dip came within $50 of the 20-day MA ($9,689) but I suspect we will drift a bit lower.
I don't love the proportions anymore though. They are beginning to push the limit. I may end up giving preference to a count like this, depending how strong the next wave up is:
