8/4 11:00

The possibility of a completed Minuette3 has been resolved in favor of an ongoing Minuette3.  Earlier today the futures completed a 5-wave to new high, which would have indicated a completed Minuette3.  However, the cash market rallied in a 3-wave and not all indices made new highs.  If Minuette3 were completed on Monday we would have had a more severe correction by now.  The cash indices show clearly a rectangle in progress. The DJI came down to an important moving average at 10,626 and completed the 3-wave decline when I bought the SSO: