Snippet taken from the weekend update.
The impressive decline has the characteristics of what we call a “3rd of 3rd” wave, so its essentially the middle section of an impulse wave, I am still looking for a few more gyrations to complete a 9 swing decline from 72.90. So far I can count 5 swings from 72.90, but as I feel the 3rd wave is the extended wave, then we really want to see some small bounces (ideally capped below 69.00) stay below 70.50, then further weakness to develop what we call a ‘bunch of 3s and 4s” to end the move from 72.90.
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