There are three near term options (Chart 1).
[1-bullish, similar likelihood to 2-semi bullish below] The next phase of advance has started - the blue (i)-up as marked. Likely of intermediate-degree (Y)-up or (5)-up (Chart 2).
[2-semi bullish, similar likelihood to 1-bullish above] A wave 2-up or B-up rebound is in progress - the blue [a]-up as marked. Based on this interpretation, there's a chance that today's bounce is already [c]-up of B-up (or perhaps 2-up) based on ES squiggles (Chart to the right).[3-bearish, lower likelihood] Wave [iv]-up of the sell-off from the nominal top is approaching its end - the red [iv] as marked. It is of lower likelihood due to
(1) breakout of the resistance channel
(2) overlap in RUT and near overlap in NDX
[245pm] ES squiggles -
[130pm] Count update (WLSH) -
see the 2nd chart below.
[8am] Overnight update (ES) -
