Good Morning,
Yesterday's wave structure did indeed unfold into a single zig-zag or (3-wave) structure, correcting the upwards movement of the (a) wave which occurred on the 9th of this month. Since yesterday's (b) wave terminated just below the beginning of the (a) wave, I believe that this corrective (a-b-c) pattern will be a flat. As a result I am expecting wave (c) of this correction to retrace upwards to at least the .618 level, bringing the DJIA to at least $11,050 as an intermediate (4) wave before beginning one more strong motive leg down in the (5th) wave.
Just to clarify, the (4) wave I had pointed out in an earlier post was dealing specifically with the long drop which occurred last week, which was of minor degree and a subset of the intermediate level (3) wave. The correction we are seeing now, I am also labeling (4), though it is itself, I believe, an intermediate correction.
Also, since it seems as though the wave pattern of this correction has been in a (5-3) structure so far, I am anticipating a five wave structure upwards in the markets today, completing the corrective sequence of (5-3-5).
I am already seeing minute degree (5) wave structure as of 10:19AM this morning.
All the best,
Warren
P.S I have been fairly lax with my time-wave identifications, as to what is intermediate, cycle, primary etc.. I am going to nail this down from here on out so it wont be as confusing to you and I can stop confusing myself as well.
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