Well, the SPX headed lower and broke the 1 but also the (presumed) wave 2 level. Meaning that the red count was invalidated and we are working only with the pink one.
The current set-up is getting unclear again though since the market had a 3 wave decline and then bounced strongly. For the downside to be clear we would have needed an impulsive decline... So, scenarios again :)
Bearish option:
- the current 3 wave decline is part of a nested bearish impulse. so 1-2 and 1-2. Invalidated above red 2 (1957)
Bull option:
- the red 1-2 and (1) are a-b-c and we need another wave higher. Invalidated below the red (1).
It's hard to call one or the other, so for the moment I am looking at the invalidation levels to see which one to pick.
GL out there!
The current set-up is getting unclear again though since the market had a 3 wave decline and then bounced strongly. For the downside to be clear we would have needed an impulsive decline... So, scenarios again :)
Bearish option:
- the current 3 wave decline is part of a nested bearish impulse. so 1-2 and 1-2. Invalidated above red 2 (1957)
Bull option:
- the red 1-2 and (1) are a-b-c and we need another wave higher. Invalidated below the red (1).
It's hard to call one or the other, so for the moment I am looking at the invalidation levels to see which one to pick.
GL out there!
