.... is certainly acting like this is a real breakdown. The rally channel in the last C of Y leg is broken. However it is still sitting above some longer term trend lines that should be support. Tomorrow will tell if the reaction to the Fed announcement is simply part of a Wave 4 or if this is the beginning of a breakdown that should have some *very* strong legs.
Here is the current chart. We did get a bounce off the support lines where noted.
Now lets zoom in and see what the wave structure looks like.
Interesting. I looks like it could count as an impulse down with a 78.6% retrace. Let's see how this plays out!
