There is now an overlap on the futures market between this low and the 6/28 high. We would account for this by utilizing this count instead, but this is contingent upon the market becoming bullish, which I don’t know for certain whether it will, though I continue to favor the view.
It seems to me that someone is being liquidated tonight. Strange for them to sell before the Asia session even opens. So someone is being forced to capitulate (unless Russia invaded Alaska and I missed it).
If this is a capitulation low (which seems likely to me), then the whole structure can be a 1-2 of cycle (yellow) degree: