As expected we are rallying after completing 5 waves. If you take a peak at the (2) around 4077 that is the beginning of the wave that we are retracing. Take note, we could go all the way up to that level and still fail and the count would be valid.
Also, take note that this is only a 15 minute chart .. I’m down on a lower timeframe because I feel confident in the “big 2” at 4196 is a correct label so I’m “down in the weeds” trying to ascertain where this bounce will stall and then start back down.
My bias remains bearish and I see this as a short term bounce that needs to be shorted.
First level to take a crack at it is 3957:
- ABCD – dashed red arrows
- ABCD slams right into “measured move” (red triangle)
- 3 ratio’s