2 alternatives are possible rn. We could be forming an Ending diagonal which would be a C wave labelled in blue or a flat labelled in Red. Either way we should be headed higher to retest 8, then drop.
The way to dermine which count will occur is to watch the current wave from yesterday's lows, if we complete in one more wave up, we will have 5 waves and we are dealing with a flat, however if we form another set of 3 waves up we are dealing with an ending diagonal.
The unlikely bullish count is we are in wave 3 and forming nested 3s. This imo is very unlikely.
The way to dermine which count will occur is to watch the current wave from yesterday's lows, if we complete in one more wave up, we will have 5 waves and we are dealing with a flat, however if we form another set of 3 waves up we are dealing with an ending diagonal.
The unlikely bullish count is we are in wave 3 and forming nested 3s. This imo is very unlikely.