Today's price action brought uncertainty to the wave count. After hours of deliberation, my preferred count shall remain w fifth wave decline but the magnitude of the move from w.iii blue low is deep and appears to be incomplete. Look for upside potential to 1168.25.
Dropping to the 7200 tick chart, I've labeled the subdivisions from w.iii low where the market is making a (W)-(X)-(Y) where w.3 circle red is complete and I'm looking down in the ON session followed by another push that completes at 1166.
While I am cautious this market, the overall short term wave count suggests that 1166-68 is a significant area to watch.
Let's see what happens and remain flexible until market either tips it's hand that the next round of selling has begun or whether a suitable alternate wave count is necessary to explain price action.
Best of Trading
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