A BEARISH ALTERNATIVE

The chart below shows another alternative that could possibly play out but cannot exceed the Jul 3rd high.  Prices must remain below it to adhere to EW principle of not breaching below the start of the initial wave.  If so then the Bears are still alive for the moment.  A push hard lower and past the previous lows will confirm a struggling bull market possibly ready for a good sized correction.

 

The Dow Jones Financials have reached or is nearing the 61.8% retracement.