Wave Recount.
For INDU and SPX, the Wave 5b triangle count is eliminated.
The next best bullish count for INDU is Wave 4 triangle. Time-wise, the Wave 4 triangle is a little shorter than Wave 2 (April-June 2016). Best bearish count is WAVE A1 has started.
The next best bullish count for SPX is confusing since wave c of a triangle would be the smallest of a c e, which violates rules. It is possible Wave 5c truncated. If SPX falls below 2119, then Wave 5 is complete, or Wave 4 is completing.
Regardless of the wave counts the lower support line for the ending diagonal starting in January 2016 is being tested. watch out if prices fall below.
Aside from the wave count update, today was the second day in the past 2 weeks when ALL asset classes sold off. These are tremors of a major liquidity crisis about to unfold.
