So far so good. We are down about 2700 Dow points and are now “officially” in a correction. But everybody knows for sure that you should not sell here as you should look at the long-term etc. etc. The have no idea what they are talking about. I guess it is only the “pro’s “ that know that your first loss is your best loss.
Where from here? This may be a completed, or nearly completed first wave down. If so a bounce of 50 to 60% to the 4th wave of previous degree would be perfectly normal. If it is not a first wave but, say, a wave A, we should also get a bounce. Whatever it is after the bounce we should get another wave down at the very least, a wave B or 3. Time will tell.
If we continue down tomorrow at the same speed as in the last 1/2 hour of trading, we may be in a third wave and things will get unglued a little faster.
The applicable count would be a 1-2, 1-2, and now we are close to entering wave 3 of 3. Targets for this scenario are around 20000, that is all of Trump’s gains!