Overview: Today we finally broke the Jun 16th low. This is what I was expecting for months, in fact let's check my ES review of June 17th: "What comes next is another wave X and then the third zigzag, Z to the actual market bottom."
In this whole time, we were strictly on the same higher-level count, only doing minor changes to the structure of subwaves as they developed.
let's review the expectations of yesterday's update:
This morning I updated the count, expecting us to go lower as wave 5 of a of (III).
Update: the price action followed our revised expectations of this morning (the general structure was a bit different than I considered yesterday). Looking into the 15-min chart, I think we are in wave (A) of 5 of a of (III).
Potential target for wave a of (III) bottom?
* Based on fib ratios for wave 5 of a of (III): 3550-3595
In this whole time, we were strictly on the same higher-level count, only doing minor changes to the structure of subwaves as they developed.
let's review the expectations of yesterday's update:
- Wave 4 completed as a flat, then we went lower to complete waves a (purple) and b (purple) of 5 (cyan) of (C) (yellow) of 3 (light green) of a (red) of (III).
- What follows is wave c of 5 to complete wave 3 (light green).
This morning I updated the count, expecting us to go lower as wave 5 of a of (III).
Update: the price action followed our revised expectations of this morning (the general structure was a bit different than I considered yesterday). Looking into the 15-min chart, I think we are in wave (A) of 5 of a of (III).
Potential target for wave a of (III) bottom?
* Based on fib ratios for wave 5 of a of (III): 3550-3595
