So far, so good. Down about 8% and wiping out the previous 9 months or so of gains. It is not immediately clear how this drop should be labelled. It is possible that a number of 1-2s started the process; alternatively a small wave 1 might be complete and we have just done an a-b with c still to follow for a wave 2. Whatever the count, 7 is never a complete sequence! In any event this drop is not over. The minimum initial targets are at the base of these structures, 4050 or 3950 depending on how you interpret the wedge. More downside in other words. Same for the Dow, see previous blog;
