Suspecting that my nest of ones and twos was going to fail, given the weakness this morning, has turned out to be so. But, let’s see what we can do.
If the lows at Pink C hold, we may count a diagonal, as a “1,” with the “2” either complete now, like this:
Or soon to be complete, like this:
(I don’t know if this drop is all of “2,” or just the “A” of that “2”).
For either of these to work though, we should not make new lows. If we do, then my guess is a test of the red trend line below us.
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