The spike down adds some weight to the main count’s view. However, we are not out of the woods yet, we still want to see prices moving below the main count’s confirmation point to gain confidence in the bearish case.
On the other hand, a sharp advance through the alternate count’s confirmation point would open the door for higher highs to come.
As always, we will wait for either count’s confirmation point to be reached to determine the highly probable count.
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