As I was saying in my last post yesterday (Is Minor A Done?), the afternoon action did not look impulsive up.
This note has been on my 5 minute chart for several days: "Next wave is a B by my count. Expect a lot of confusing up and down action, that generally trends down" ... yep, I think that describes the situation pretty accurately.
Yesterday we has some classic B wave action, very strong on the Dow, almost made a new high (maybe it did) yet that same wave looked completely weak on a number of indices. Then this morning the Russell and XLF were moving in completely opposite directions for about 12 minutes.
These weird moves and non-confirmations are classic in B wave territory.
So that is my thought and my bet.