Most of the time when we’re pinned, it’s a B-Wave chopfest. This consolidation is too big “in time” to be a “4th” wave, so a better candidate is a B-Wave. The little dip this morning could have been the E-wave of that B, or we can have a more noticeable one; but for this to work, we should top out and reverse somewhere between here and the November 22nd high.
[UPDATE]: An additional comment: There are many ways to label this, even such that today’s high was the blue C. My main point is: I don’t think it’s a 4, but rather, that we can reverse at any time. We don’t necessarily need to shoot up to the November high, but we could.
For instance, if we sell off intraday, we can label it this way:
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