Last updated: 10/15/2018.
In last week’s update I show two possible EW counts, besides the one I had been tracking for a very long time: major-5 of Primary III or V has completed. Well the market made instantly minced meat from the alternate and we can fully focus on my preferred count
As said in last week’s update “Wave-a of wave-a of wave-A/IV is now underway and should find a bottom soon.” But little did I know wave-a would become this severe (I can’t know everything before hand 😉 ) Micro-counting the current decline, it looks as if a triangle 4th wave is developing. If so, then a final stab lower to ES2700-2680 should happen and then a larger bounce, consisting of three smaller waves, should be the preferred path forward. Alternatively, a breakout higher targets low 2800s from current levels.