It may take another day or so, or it may have bottomed already, but I see this decline as a potential zigzag. What we don't want to see happen is another zigzag type wave going up because I would have to change it to an "A" wave bottom. If we scream at the charts jump up and down and swear, then maybe the markets will be nice enough to deal us the cards we need.
There is no difference between playing cards and the waves that the market deals us. Except in the markets, it's legal to count waves.
Right now the house has laid out 5-3-5 and the little wave counting book tells us we are supposed to get a run of five next. Of course, when you get something else you fold your cards and run for the hills with your money.
Once we do hit bottom and our 5 wave scenario comes true, then watch out as another leg up should happen. It would be better yet if this was just another wave 1-2 as part of an extension, but that would be the least likely thing that may happen. On the way down we had "ABC" patterns pointing up or inverted so that should all change once a real bullish turning has been made.
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