The countertrend rally continued today with a small move up in wave [b] of B up, but wave [c] of B down began by late afternoon and should continue into Thursday. So far this rally is following the expected path which projects a top in wave C between 43.90 and 44.75. The most important point in looking at the pattern of the rally is that the waves are overlapping 3 wave movements that are clearly corrective. This means that once this rally is over, however long it takes, the next move will be an impulse down in wave (C). Currently, I am projecting wave (C) to bottom around 40 to 41. Only a strong break below 40 next week would alter the outlook.
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