Lets first say what it is *not* (of course all my opinion)
-- Since Dec 4, this does not look like a leading diagonal. I have pored over the count and there is no 5-3-5-3-5 in this move down, and I would be deeply suspicious of a count that says otherwise
-- Yesterday's low made a lower low than Nov 30 on NYA and OEX. So even if it is not a leading diagonal, but some very odd 5 (which I don't buy), then 2 goes past 1 on TNA and OEX, it barely misses on INDU and SPX
So like I was saying yesterday in Teamwork Baby!, we were still in Minor B.
So the question is, did Minor B end yesterday? There are pros and cons to both approaches.
See my evidence is this post for the pros: Are You a Fan ...
Cons: If Minor B is done, why does the move up look like a three? I mean the pullback at EOD yesterday (which would need to be a wave 2) is only 23%!. Yes, yes, blah blah, that is the required *minimum*, but it just doesn't look right. Wave 2s are typically deep, and I am not a fan of starting out a Minor Wave with an 'atypical' count.
It could of course be right, I am just voicing my reservations.
So here is the count I am going with. But I don't love it. In fact, I have a bit of active animosity toward it that I am not bothering to hide ... :)
Update 11:10 - If this is indeed the first wave of Minor C, here is the way it could count and not make me hemorrhage. Barfing is fine however (given the current market) ... )
