Of the alternatives listed here, the third seems to me to be in play (a more complex structure). We have fallen deeply to keep considering the triangle, so the alternative is a more complex a-b-c correction for minor (green) 4, where the blue “c” of green 4 may be counted as a 5-wave impulse. We are at the 38.2% retracement of the length of green “2,” which is typical of a “4.”
If we can find support around here, then it looks good as a 4. Note: if this is an accumulation, they often end with a “spring,” where they shove people out before the markup. I would like to think that is what’s happening here today.
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