For an Market or equity it has been noted by Tom Bulkowski from many hours of research that there is normally a 10 percent drop from the first peak to the top of the second Peak, we have such a scenario. (Daily charts)
Using the Classical Elliott wave on the 1Hour chart we can see that the price broke thru the cloud as well as the Lagging Line and 200 hr. sma. We still could put in another small low for an abc-v move.
We have a "CAP" of the cloud so if prices stay under on the retest it will be a good clue.
The Daily Price action closed Below the 26 price bar as the Dow and Spx have not.
This could be the first shot across the Bow for the Market Indicies. Staying with the
over all Big Picture count of the Major
Indicies this could be the Beginning of a "Deep" wave 4 (Primary wave) as I would expect the smaller caps to move First.
In short there should be a 'Bounce' soon and we need to see if it stays contained under the Cap. Good Luck.
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