Same exact count as yesterday in the S&P500 cash index chart below. This morning we noted the marginal lower low and said a flat wave could form. It looks and measures, so far, like it has.
|S&P500 Cash Index - 15 Minutes - Five Down and Flat Wave|
Because wave a, upward, is longer in price than wave ii or wave iv, it can not be a sub-wave of a larger down wave. Therefore, it must be the first wave of a new upward flat wave. That is what we mean by "turning a degree". However, b, which is a downward wave, is shorter than wave v which preserves degree labeling.
So far, in the up wave, there are only three waves up, showing. A common expectation of an expanded flat correction - which is the most common among corrections - is c = 2.62 x a. We already know that the wave has made it back to the territory of the prior fourth wave which is 'often', not always, a stopping point for a larger B wave in a (larger) zigzag. This is one of the reasons to try to get the count from the top correct and not include the truncation.
We're not sure we are correct - only that, so far, measurements, degree labeling, and adherence to the 0 - 2 guideline seem to indicate so. If wave c wishes to, in order to waste more time, it may become more of an ending diagonal wave to use more time without taking up much more price.
Have a good start to your evening.