Oil, high-yield debt and Bitcoin all continue to refuse to signal a strong risk off environment, and so I expect us to rally soon from here. If we were in a very bearish move, we would be entering the third of a third of a third here to the downside, and I would expect some other assets to be saying as much and they are not. And so I think this is more likely to be the end of a move.
If we are set to rally, I would count the decline as a 3-wave corrective pattern as follows. If we are in a triangle (this being the last 3-swing move in such a structure), we should head to all-time highs in five waves from this low.
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