I have been shying away from rigorous internal wave counting because the decline has so many possible variations that when I feel like I’m guessing as much as I am anything else, it’s better to just watch things develop, because I will end up getting as much wrong as I will right otherwise. Of course, the broad structure has been something I consistently believe has merit, but the individual ways to count the recent internal legs is often up for grabs, in my opinion.
That said, one thing we have consistently lacked at each new low is an obvious impulse wave. And when we finally bottom, that’s really what we want to see. And, fortunately, the move off the overnight low is the best looking impulse wave I’ve seen in a long time, so I’ll present it. If we find support here, near the orange box we’re at now, and propel sharply up to the orange box above us at 4000 (or higher), this will be an excellent sign that we’re in a greater, unfolding impulse wave.
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