[B]Our confidence in the bearish count that we proposed a few weeks ago has grown. “We view the rally from .6639 to .8215 as a large expanded flat (A-B-C). Wave C of that rally is an ending diagonal (waves 1-2-3-4-5 are overlapping and each subdivide into 3 waves). [/B]
Bigger picture, .8215 may be the end of wave B from .5927. Price is expected to eventually come under .5927.” Near term, the drop below .7865 confirms (with a high probability) that a 3rd of a 3rd wave is underway from .8215. Risk on shorts can be moved to .8101.