Here is a current interpretation of the waves off of Sunday/Monday's low. Right now I am just drawing two converging trend lines and looking for which breaks first. If the low breaks it's possible to have a i, down, and a ii, up. This is currently the alternate count.
The preferred count is that a flat wave might be in progress, and if the upper trend line is broken and is successfully back tested, then higher highs might result. There's no magic here. We're in the middle of the range. The odds are roughly 55-45, with the slight edge being given to the up count only because daily price is currently trading above the 18-day SMA, so the price bias is positive.
Have an excellent rest of the afternoon & evening,
TraderJoe
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