The most common relationship in Elliott Wave Theory is that the "impulsive move" correction of a wave usually returns to the start of wave 4 of a lesser degree. With this in mind if we break below what appears to be the wave 4 and continue lower, it usually signals that the final wave 5 is complete and we have turned the corner to reverse the direction. This is but one possible count as there are always multiple possibilities. The next 10 days will tell a story and half me thinks........
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Well the drop is hard so the Alternate count may be in play. Still a little early to tell.