We got a nice channel breach, lending great credibility to this wave as a 3rd. Lots of ways to count this, here are two.
Option #!: More bearish nest.
On this count, whenever we find a real bottom, we bounce somewhat sharply in three waves for minute (blue) 2, perhaps revisiting that trend line before having an even deeper selloff beyond what we’ve seen so far.
Option #2: Less bearish no nest.
On this count, when we bottom, we are finishing the green (minor) 3 and will have a lethargic, sideways consolidation for minor (green) 4 before having another decent selloff, perhaps as deep in price as minor (green) 1 was before we see a sharp rally for intermediate (orange) 2 after we complete the minor (green) count that finishes off the bottom of this chart.
Hopefully the “look” of the structure will give us clues as to the wave degree we’re in, which is so often difficult to do in the early stages of a big selloff.
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