Again, I believe we are completing a wave 2 here.
The two scenarios are as follows:
A-B-C:Where we are completing 3 of 5 of C. (Dark Red)
W-X-Y:Where we are completing 5 of C of Y. (Pink Red)
Interesting times.. Will continue to evaluate as price becomes more revealing.
200 EMA says slow on down.
Two options at play here.
Option a: Wave (4) was our push up to ~8800 at the 200 D EMA, and we will begin our final descent to completion of wave (ii)
Option b: Wave (4) plays out to our upper trend limit, before heading back down.
Aside from both options, I believe we are quickly approaching our final move downward and completion of wave (ii). Anything sub 8000 should be a strong buy.