|DJIA 10-Minute Chart - Likely Wave 4|
The market opened with a gap down this morning, and immediately hit the 38.2% Fibonacci retracement level - as we have been projecting for a couple of days. After the initial decline, the market rose and almost closed it's opening gap, but did not. The S&P500 did eventually close it's opening gap. The Dow did not.
However, the rise was steep enough as to be out of proportion as a fourth wave with it's companion second wave from yesterday's initial decline. Therefore, in real time we relabeled the entire larger fourth wave decline, 4, as a w-x-y wave (all three wave sequences in the decline).
The first rise to 10 am could be labeled as (i) or part of an (x) wave. The Dow must gap up over 21,185 to start a third wave. If it does not, and makes a lower low, the down count could be continuing as the triple zigzag option shown in blue.
Have a good night.
Supplemental: Russell 2000 Count
|Russell 2000 Current Elliott Wave Count|