Wave [ii] Down Should Be Nearing Completion

I originally expected that wave [ii] down would extend out in time with (b) of [ii] moving higher over the next few days. It appears that the market had other ideas as wave [ii] down is completing sooner.

For the Qs:

Wave (c) of [ii] = (a) of [ii] at 45.11. This target has been hit and exceeded.

Wave (c) of [ii] = 1.382 x (a) of [ii] at 44.17.

Wave (c) of [ii] = 1.618 x (a) of [ii] at 43.58.

Note that the lowest expected target for (c) is still above the 2/5 low. If we close at the lows today, then I expect that the lower target will be hit.

So far, as bad as it feels, all of the action can be explained as a 2nd wave. However, we are fast approaching the uncle point. Even then, the market should not head straight down, but should have some sharp rallies where stocks can be sold.