In the Support Zone, but No Confirmation of a Bottom Just Yet

Today we moved lower, deeper into the support zone for the potential wave 4, but we still do not have a five-wave structure off that low to confirm that a bottom is in place just yet. The move down off the high is, so far, corrective in nature, which is supportive of this being a wave 4. However, until we see a full five waves up off the low and a break of at least the 6,950 level, this can still push a bit lower before finding a bottom.

If we break below support, which I now have at the 6,912–6,889 zone, it would open the door for a larger top to be in place. However, the structure off the highs is more supportive of this still being wave 4, so this will remain the base case as long as we can hold support.