This [e] makes sense as the longer they drag out the debt ceiling deal negotiations, the longer [e] meanders. Any "done" deal may spark a Minor 5 rally, or certainly at least an attempt at one.
But will they sign a deal in time? One wonders. Social mood is surely foul. But the [e] predicts they will. We shall see.
AN ALTERNATE SQUIGGLE WAVE [E] COUNT
An [e] wave can take many squiggle paths to get to a Fib ratio of where [e] = .618 x [c]. That mark is 1287. One could figure we continue to drop from here but we may have only completed wave (a) at today's low. Tomorrow will be telling.
Top alt squiggle count with a proposed extended wave v since iii and i looked about equal. This will mean that the [e] wave will take much more time and likely bleeding off bullish sentiment even more as it goes.
ORIGINAL POSTThe market has established a key down trend line from the recent 1356 high. There is now also a key pivot price at 1316.30 - Friday's high price.
1298 price was breached which was my minimum price drop for an [e] wave low (and confirms that the previously labeled [i] of 5 up was not to be). However, the squiggles appear to be at least missing one wave, maybe a few to complete an [e] wave.
Couple of squiggle counts presented with the theme being the market is within wave (c) of [e].