The market is, I believe, setting up a bear flag at Minute degree in preparation for wave [v] down. This means Minuette (c) of [iv] is still to come.
There are far too many overlaps for me to consider the move from 1172.53 to 1125.34 impulsive, so I have labeled it Submin a. Submin b appears to be a WXY correction - the move from 1130.29 to 1159.78 is clearly three waves. This in itself suggests but does not require that the move not be a wave 2 - while wave 2s can be WXY(XZ)s, that structure is more typical of 4th and B waves.
Subminuette c appears to have only had 11 waves so far. This suggests a possible slight gap up in Micro wave [12] overnight which is filled in wave [13] to culminate Submin c and thus Minuette (b). I think Minuette (b) will probably bottom around 1112 (c = a) or 1109 (.886 retracement of move from 1101.54 to 1172.53). There is also an inverse head-&-shoulders setting up, a regular head & shoulders having been fulfilled by this afternoon's downdraft.
For what it's worth, I am all in cash. If we approach or surpass on Minuette (c), I will enter a short position for Minute [v]. If today's low is the bottom, (a)=(c) happens at 1191.75. If we break 1083 on the other hand then either [iii] is not yet finished or [v] has already started, which could be potentially problematic. If we break tomorrow, it is probably that [iii] has not yet finished.
Lastly, KRAP was only down 28.37 (to close at 1464.30), and LULU was actually up on the day. KRAP has completed 5 down from its August 1 high, and it definitely looks as though this correction down is a B wave with C up to come.
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