Yesterday I suggested there was a valid wave structure in place to consider Intermediate (C) of P complete. Of course rarely does it work that way and we have more burps to keep us on our toes.
To all those who like to scream "Dan calling the top!" I say you don't understand EW counting at all. When you count to 5, you need to eventually, you know, put a count on five itself.
Is an Elliottician supposed to never count where the number five may be at? Thats what we are doing here. We are speculating where the 5 may be so we can be ready to count a new structure.
Calling a top? No we are looking for five in a count. The first step is to consider a valid structure complete. Until yesterday, I hadn't considered Minor 5 complete. Now I consider it may be complete. And until then we must adjust ourselves accordingly.
The waves will let us know. When key levels are breached certain counts become invalid. On the e-mini chart I am looking for a breach of support, or the purple line. A breach of the redline is even more significant. But neither has happened yet.
So here are some alternate tweak counts at Minute degree or less. May we be drastically wrong? Sure. But considering sentiment extremes and internal market data weakening, I think we are probing here correctly trying to finish our structure.