Both Sides Are Getting Neutralized

With today’s rally taking out the wave ii high, I cannot say we are left with any reliable wave counts right now. What remains on the bearish side is an ending diagonal for the (c) wave down, within which we are completing a VERY deep b-wave of wave 3. And, yes, the depth of this b-wave certainly makes me question this count as well.

Yet, the bullish count we are left with as the yellow alternative leaves a tremendous amount to be desired. Both from a structure standpoint and a wave relationship ratio standpoint, it is an exceptionally unreliable count overall. Yet, it may become the last man standing.

There are two other counts I have in mind, but I am not going to burden you with them at this time, as it may offer too much confusion, and what we are seeking is more clarity in this region.

So, until the market is able to move through the wave 2 high, I am left with a lackluster ending diagonal structure to the downside. And, the only way I would consider trading it is if I see a CLEAR 5-wave decline for wave 1 of the c-wave of 3. Otherwise, I would prefer to just let the bears and bulls fight it out until it becomes abundantly clear who is left standing as the victor. Sometimes you just have to step aside until clarity develops and the current structure is terribly overlapping and the opposite of providing clarity.