We are currently favoring the magenta count which depicts a bearish set of nested waves that should ultimately take out the 2064 lows. Although magenta is our preferred count, there is nothing to rule out the alternate short term bullish count alternate of wave white 4 being in place at yesterday's low, but we hold this as low probability. As noted on the chart, 2076 is a key level to invalidate the alternate count because that is where waves white 1 and 4 would overlap. Below is the link to today's key timing and Market Structure Projections. We hope you all have a profitable trading day.
If you have any questions about our analysis or any of our analysis systems, contact me at any time at john@mcm-ct.com.