Sharp drop in the S&P500 breaking below previous lows. Wow, strong impulse down - got the direction correct, but not the intensity! This impulse down negates my suggested count. If this is the beginning of W3, we could count W2 as a simple ABC up. However, as the indexes are reaching oversold levels on daily charts as well, i will keep the "Complex correction" option open (with a deeper Wave B correction).
The action in the next few trading sessions will confirm either view. Until then, it'd be prudent to stay off any long trades in this market.
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