[Update 9:08PM: Squiggle count in the context of a (c) of [e] wave. The (c) would be a 5 wave move from (b). Probably due for a bounce tomorrow. This count expects any bounce to stay below red [4].
[Update 8:44PM: The Wilshire daily from a P[2] time perspective. One can only assume that if this plays out, the surge will be dependent upon a debt ceiling deal that creates a really big short squeeze.
[Update 8:30 PM: Trendlines, 200 DMA and such.]
ORIGINAL POST
Well we now finally seem to have a bit of panic selling. That could fit an [e] wave profile. However downside breadth (10.8 decliners vs advancers on NYSE) and volume ratios (17.2: 1 down volume ratio) are
quite high.
Regardless target range is 1286-1287 SPX for an "ideal" [e] wave where [e] = .618 x [c]. If it goes lower, than I have my doubts its an [e] wave depending on market internals. Technically an [e] could go as low as 1259 SPX, or the [c] wave low.
I'll have more later, its time to eat.
