I've never seen a wedge run so far to the end. Either its not a true bearish wedge and is fooling us for now, or it will have the most bearish price drop from a wedge you will ever see. I can't wait to see either way. The lower trendline has at least 11 hits. This line is apparently important to the market.
A closer look at the trendline and the count. Note that the drop from peak yesterday does not count as 5 waves down...(which is what we are looking for to confirm a trend change)
So this blog is closely monitoring the top alternate count as presented below. If we see a [b] wave of Z forming (it may be), then we'll switch gears again and presume the market has more work to do.There would be a good reason to ponder that wave Z is not yet over. It would give is a better look on the bigger charts (such as the daily) to have 7 overall waves (appearance-wise) versus what some are calling 5 waves. 7 waves is a corrective structure (as is 3). 5 waves is considered an impulse.
Log scale would give you a better perspective since these waves have been so huge in such a short amount of time. A test of the blue hashed support line would create a 7 wave look. In other words, there needs to be more of a price pullback to make it pronounced on a chart this size prior to surging up again.
Something like this:
So that's it in a nutshell and what I am looking for in the next few days:
1.) Will the lower trendline break in dramatic fashion and wave (3) down begins in earnest forming 5 wave impulse structures down?
2.) Does the market still have more work to do and will create an overall "7 wave look" (which we would still count as a triple zigzag) as I have outlined above? In this case it will likely hold upper support as outlined in the chart above.