We are poised for a big fall on Monday. I sent out messages this week regarding my change of opinion from favoring one more push to a new high to the top was in last week. The action today added more evidence supporting this. I am now about 75% sure we're headed down sub-850 before revisiting the 900's again.
If my wave count is correct then we are perched right at the beginning of wave 3 fo this C wave down off of 930. This wave should be the longest and fastest wave of this move from 930 to 8??. I am about 65% short. If we get a flat open or small gap up I will add more shorts. If we get a large gap up then I am wrong and will reanalyze.
I have targets for this C wave of 847 and 817. We should be able to tell which will be more accurate when/if this wave 3 develops. I will, as always, keep you guys in touch.
Just to put it out there, there is a 25% chance that we are in a complex correction, which is a fancy way of saying we may test 900 again and continue this choppiness for another week. Let's hope it doesn't happen!
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