I maintain the scenario that calls for a countertrend wave (B) rebound off the June 4 low.
I also think that, despite Friday’s weakness, the 3-wave structure of the last up leg off the July 12 higher low and the corrective look of Friday’s pullback are suggesting that the wave (B) is not in place yet. Hence price can still reach the 1400 area establishing a lower high, from where I expect the kick off of the wave (C) down.
Regarding the EWP from the June 4 low I am considering that price could be involved in tracing either a Triple Zig Zag or an Ending Diagonal wave (C)
- Triple Zig Zag Option:
- Ending Diagonal Option: