There appeared to be yet again a clear 5 wave impulse move down yesterday. And once again that is a good EW "marker" for us to propose some possible patterns to play off of that.
I have charted one such pattern on the 5 minute chart. Its a 3-3-5 X wave scenario. X waves are usually zig zags which means that yesterday's 913 peak *might* have been the X wave peak. That would mean the intraday 5 wave move down yesterday is part of some larger 5 wave move and perhaps a very large 5-3-5 zig zag down that crashes through 878 support. That could still very well be the case.
However the larger pattern appears to be a "bullish" triangle and if the bulls buy the 880 spot one more time that very spot is going to appear to be the "E" wave spot. So I propose that perhaps this FALSE E wave bounce will result in one last rise in the form of an X wave 3-3-5 flat. It hits resistance one last time on weak market internals and then reverses hard for good and eventually crashes through 878 support on the Blue Y leg down.
One last note: Notice how the legs down in the recent market action are CLEAR 5 wave impulse patterns down much more so than on the upside moves which are more confused looking. Maybe thats a clue also in that the market really wants lower prices under 878 support, at least for a while.