There are no significant changes to my thinking at this time.
To recap: I believe the rally off the October 13th low is a countertrend bounce that will fail. But, I am not yet sure if it has completed. It’s a little on the small side for a “2,” and even smaller for a “B” if it is that.
So, there remains a good chance for it to go up again, and if it does, this is what we may expect:
As noted this morning, we did get to that green trend line and we got a reaction. You can see how that trend line is the “neckline” of an inverse head and shoulders pattern. Inverse head and shoulders patterns don’t have to break up, it only means that there is potential here. So, if we rally tomorrow towards the orange box, we could be in the 3rd minuette (Orange) wave of a 5-wave impulse up for Blue 1 of a much larger Green C of a much larger 2.
So let’s see what it does.
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