Recent market activity has been a little difficult to read from an EW standpoint. The short term chart on last weekend's update had the low of Thurs, 11/9 labeled as the "c" wave in an irregular flat. That was blown up this week when further selling continued that move down and formed a 3 wave move from the top on 11/8 - so we have an a-b-c down rather than a 5 wave impulse as required in a "c" wave. This forced a revision of the short term count. The current view is that Minute W3 ended with an ending diagonal that topped at the ATH of 11/8 and the subsequent 3 wave move into last Wednesday's low is the "a" wave of either a flat, triangle or multiple zig-zag Minute W4.
Short term chart:
From a wider perspective it's still the case that the current count (IF correct) requires a couple of additional W4 - W5 sequences before a significant top is in place.
Intermediate term chart:
NOTE: dotted lines show potential EW structures and are not necessarily accurate price/time forecasts
