There is a good chance that Minor wave 2 is now over. Today was a pretty hard sell off, with the internals to support it. A classic impulsive down day. At one point, breadth was almost 50:1! Yes. 50:1. Remember, during the crash on May 6, the internals were 55:1, so we were pretty close to that. We hung around 30:1 for most of the day, before closing right around 21:1. But regardless, that is still a strong move.
For now, it looks as if we have 4 subminuette waves down from our highs for Minor wave 2. It is unclear at this point if subminuette wave iv is over, we will find out Monday.
But regardless, whether it is complete or it completes early on Monday, I expect subminuette wave 5 to fill the giant gap @ 1112, and this would mark the end of Minuette wave (i).
Breaking below 1121 will be bearish and breaking back above 1150 could mean a retest of 1160.
The daily charts also look like they are starting to rollover.
The current daily pivot is also at 1121.
I will have more over the weekend.
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