The blue wave [4]-down has been tracking the best and is moderately more likely than the second-best-tracking green wave [5]-up. The red wave [4]-down is on the table but need further confirmation.
If so, the current selloff ahead of next week's rate decision is either wave (E)-down or wave (2)-down. Note that a Fed-driven wave (E)-down is quite befitting the personality of the terminal wave of a triangle. Furthermore, since we already have a complex wave (B)-up, wave (E)-down is likely to be a simple (double) zig-zag-like structure.
