Choppy sideways action for most of the day today. In my update over the weekend, I said that if we had choppy waves, it would most likely be a wave (iv).
For now, my primary count is that wave (iv) has completed, and we are starting wave (v) down now. In wave (v), we could have completed subminuette wave i with the down move late today.
We could get a quick bounce early tomorrow for wave ii if wave i is complete, but then we would sell off in a wave iii after that.
Wave i of (v) seems like it could be a Leading Diagonal. Here is a rough sketch of that.
It looks "complete" but we could get a finishing down move early tomorrow if it not complete.
So basically, it is very likely we get a pop then a drop tomorrow.
Despite the SPX being down today, the VIX had a down move.
This could be a follow through of the bearish engulfing candle on Friday. If VIX does not confirm this down move, wave (v) may not be as powerful as we think.
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