I see no need yet to make any major changes to my primary analysis. The reasons behind this analysis remain in place, so far as I can see.
My expectations continue to be that I expect a low of extremely great significance to be coming in at any moment, after which I expect a very powerful rally to commence.
I have re-labelled the count so that I can obtain a good fib relationship, but that is simply a matter of housekeeping.
There are equally good fibs on the other indices in this area and we have excellent divergence here on the RSI (on multiple timeframes) I am intrigued by the fact that $VVIX is totally shrugging this off, suggesting to me that institutions are not expecting a strong decline, and so are not hedging in the $VIX itself. (Compare this to how it behaved at the January low.)
