|Five Waves Down from Minor B|
During the day, the triangle's lower trend line broke, as did the upwardly sloping trend line on the daily S&P500 Index, as well as the Dow Jones Industrial Average. Toward the end of the day, we got a bit of a bounce, and it could go further as minute-ii (circle ii) up of minor C down. Eventually, there should be a new low below minute-b (circle b) of the triangle.
This C wave would again be Intermediate (2) of the three-day ending contracting diagonal, with eventually Intermediate (3), to a marginal new high, eventually to follow.
Once again, we can not see a realistic upward count until or unless price got up over the the Minor B wave.
The chart above only shows the 'placeholders' for the sub-waves of Minor C; they in no way imply how low minor C could go. It is likely that the purpose of this C wave is get Intermediate (2) to at least overlap with the minor A wave of Intermediate wave (1), as we have shown previously.
While the current situation can be described as "so far, so good", we remain open, flexible and most of all patient.