Okay, it's time for Crazy Uncle binve's Unpopular Opinion and EW Count Time!
- Today marked an important low
- Earnings expectations have been hammered the last two months and it won't take much in the 3rd Quarter earnings season (right around the corner) to spark a decent rally
- Bearishness across the board is way overdone, and everyone 'knew' the crash was coming. Watched pot and all that jazz
I still think this is just a big fat corrective mess, not some half-baked impulse down (and the fact that non-EW types are now putting up charts with 12345 down all over the place should be a warning sign).
Here is my relative wave count chart:
Here is what I think it looks like in my larger counting scheme: