Well we are not out of the woods yet, but the down move today is encouraging compared to yesterdays personal sentiment. I wasn't so confident yesterday with my analysis because of the volatility in the markets which made it hard to see which impulsive moves in prices mattered most. Today was a bit more reassuring that we are on the right track of the count as far as EW is concerned. It is possible that we are drawing up an abcde pattern that I failed to discuss yesterday, but at this time if a rally occurs tomorrow I would rather consider it a 2nd wave of sorts. Below you will see the updated count. I have also moved the Fib. line to the top of the Blue (c-wave or Red B-wave).
We should maintain that a break of any lows made this week would push prices down to the 1900 - 1880 level.
MT: DOWN
ST: DOWN
PA: DOWN
Note: As I write up this blog, the ES has made a lower low... This could be dangerous for markets tomorrow when it opens.
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