Yesterday I saw what could be a setup for a corrective rally in form of an abc. Today it looks to be correct with a c-wave on the rise today. The question in an EW perspective is if this rally is over and a label of c-wave can be had. That would be a hard question to answer. Based on past experiences though, a 4th wave does form around the previous 4th. Since we are at that level now, the risk is a lot less for "dip shorters".
Following our rule on how to take away from the indicator, I believe with the indicators in the daily still in OS, the risk of a slide still outweigh a bullish outcome. If things change I will note it here of course.
MT: DOWN
ST: DOWN
PA: DOWN
Note that there is a potentially powerful setup occurring tomorrow or the 28th of Aug. on the Siderograph..
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