Please excuse my butcher job of EW, I am doing my best as a "chump" to include your theories in my day-to-day analysis. That being said, it looks like we're currently in a 2 wave which should be followed by an ugly 3. Over the past week or so we've seen the culmination of a rising bearish wedge (a 5 wave) followed by a huge sell off ending yesterday at open (a 1 wave) and now we're amidst a sharp rally (a 2 wave) which should end today or tomorrow according to the fib retracements.
Check out the chart:
The market could get very uuuuugggly after this rally completes as some EW folks think that this is it---wave 3 of 3 of 3 of 3 of 3 of 3? Or, on the flip side, the bulls think we're headed back up to highs above the 1200 mark.
Happy trading!
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