We have three competing wave counts today. The market either finished (a) of [iv], (i) of [v], or the entirety of [v] itself closing out Minor 1.
I believe it is working on Minuette (i) of [v], down to about the 1010-1025 area. The arguments in favor of Minor 1 having ended are compelling, though - for instance, if it did, Minute [v] would be 1.236x the length of a Minute [i] that bottomed at 1295.98 so long ago. And then of course it is opex tomorrow.
On the other hand, there is also an inverted cup and handle formation that looks to be starting up, which is more conducive with a Minuette (ii). Also, it's only opex tomorrow, after which time it's as far away from opex as it will ever be. With a weekend in between. 120 SPX points in one day is a tall order. And that's without mentioning the death cross on the 10 minute chart (55 and 233 EMAs).
Fifty points in one day, however, is not that tall an order (heck, it's what we lost today), and would have the handy advantage of re-testing the trendline from 1170.74 (which on my chart crosses through Submin ii of (c), Micro [2] of iii of (c), iv of (c) (all of [iv]), and i of (1) of [v], as well as filling the huge gap down. All three of the wavecounts support upward motion tomorrow, so I wouldn't be surprised to see an up day.
KRAP fell 95.72 to close at 1397.09, breaking its previous 1408.02 low set on the 8th and going down to a level not seen since the distant era of... two months ago.
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