Primary count: Red Intermediate (X) finished at today's low. Traced a double ZZ from 956 to 869. Final zigzag rally to P2 peak is starting.
Alternate: Some bouncing and bumping down to the 820's to fulfill the H&S break target. And then I'll have to see what the hecks going on and reevaluate everything to date.
Ok so what proof do I have that red (X) formed today? Probably not enough. The waves fit at least. The VIX formed a shooting star. $BPSPX is now at 17.34 and is as low as the March 666 low.
Thats about it.
I am sticking with my call for a triple ZZ to P2 peak. The market may squeak down one more time(If I have these final subwaves not correct), but 864 or so should hold. A triple ZZ to P2 peak would be hard to do if the market started in the 820's or even lower. Then you must expect a BIGGER final zigzag to take out the 956 high.
So yeah. I'm a rogue wavist out on a limb right now. If the 820's are coming soon, then I'd would be more leaning on that P2 peaked at 956.