IH20 - water etf - bearish

Yeah, I know. Another obscure etf from my home country, the UK, but I liked the almost perfect fib measurements and the clearness of the pattern and the count. In fact it quite remarkable to me how many times this chart hits the 38.2/61.8/161.8 fibs. If this correction alternates with the 38.2 fib retracement that I have for wave 1 then we can expect a much deeper correction in this etf (and perhaps other equities) in the near term. A 61.8 fib retracement would take it down perfectly to the lesser count wave 4. Of course, the markets don't really behave in a "perfect" manner but I will still be watching. (I have included an even more bearish blue count but personally I like the red count.)