My interpretation of whether wave (ii) purple has terminated is still open after another day of trading. market found support and trade has turned back up, keeping the the possibility of a larger upside correction on the table. Yet, prices still have not moved beyond the 1054 mark which would signal that some form of alternate count or sideways pattern was unfolding. While I think the price structure is definitely corrective in nature, as indicated in the light blue box range, until there is an upside break of 1054, I'll favor near term downside pressure. What may be occurring here is a combination pattern for a developing wave (ii) purple and the market is just marking time before terminating. I'll need to see more of the internal structure before I can confirm such an assumption. Whether the market continues down hard or meanders sideways , the operative direction remains down with much further downside potential.
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