Since the low at the green arrow has fallen below the low at the red arrow, this cannot be a nest of ones and twos. So this particular count is now killed.
There are other ways to count this bullishly: for instance, we can move the orange 2 over to this low, or we can move the blue 2 over to this low. Of those, I prefer moving the blue 2 over, making the correction a flat. It’s a bit convoluted the way we have to do it, but I’ll use it for the time being.
We need to get back above the green trend line.
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