This chart potentially displays a complete a-b-c correction starting at the peak of $77 or so. The c-leg is an expanding diagonal triangle which is a pattern that normally reverses itself violently, most often to the point where it started, in this case $72. That sounds like a little too much but that is why this is EW, don’t think, just observe. And that is what we will do in the next few weeks.
In EW terms we now have overlap which means that this 3-wave counter-trend move up ( a correction in a bear market) can no longer morph into a 5-wave move. It could still become a more complex correction but given that it had already retraced 76% or so, this is highly unlikely. The HXD (inverse and leveraged 2 to 1) displays a very nice wedge c-wave and the RSI and MACD do NOT make new extremes. On the basis of this evidence one cannot come to any other conclusion than that the long awaited bear market has, in fact, started. At least here in Toronto. Time will tell.
Vermillion has a nice 5 wave sequence going into the recent top. The only thing not clear is where wave 4 actually fits in. For the moment it does not matter all too much as the first target is about $45, this is that 4th wave under one count which is also where the trendline runs. Keep an eye on this one.
This looks like it is there, almost. %-waves complete from $12.