The purpose of the "acceleration channel" is to smash through the base channel and get prices to accelerate, and in this case, the acceleration would be to the extreme downside.
I have shown these setups before. And as before, these setups either "pan out" or they are false setups and do not. Such is the simplicity of EW counting logic. So it will be interesting to see prices tomorrow.
Today's weak rally alleviated intraday oversold indicators such as TRIN readings. After closing over 2 yesterday in an oversold condition, today's TRIN closed below 1 (.97).
Another count I am looking at is an expanded wave [ii] flat count for Minute [ii]. This would require a lower low to complete wave (b) of [ii]. Then a very sharp rally in 5 waves possibly to the open gap area at 1685. Another variation on this is that today's price low was (b) and tomorrow we'll continue to the upside in fulfilling wave (c) of [ii].
Also EWI reported Trade-Futures Daily Sentiment Index on Gold and Silver was 87% and 92% respectively. That is again quickly one-sided.
So we have a sharp rebound in Gold/Silver, complacency in the put/call ratio. Both could support more heavy stock market selling if gold and silver happen to take another momentous dump.
So you see, channels and stuff can matter. The super bearish "setup" is there. Now we await. If the GREEN channel holds, then it too is a logical bounce point.