I’m a bit nervous posting such a gloomy thought leading into one of the most seasonally bullish weeks, but, it’s what I see at the moment.
In trying to flesh out the local count, one way we can do it is with a triangle “B-wave” (orange). This gives us symmetry between the 3-wave move on the way up and the unfolding 3-wave move on the way down, triangles on either side.
If we get above the prior two highs that form the green trend line just above us, then there’s at least some short-term hope for the bulls, but if not, we may simply be rejecting parallel rails (observed publicly here).
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