Failure Leads To Moar Jello

I wanted to send out a quick update this evening, as the rally today off the overnight low really counts best as a 3-wave rally.  And, 3-wave rallies are usually only corrective in nature.  This now causes a problem for the purple count as we needed a 5-wave rally off the recent low to provide us with the ideal (i)(ii) i-ii set up pointing us higher.

Now, at the same time, I cannot say that I see a clear impulsive structure pointing us lower, as the decline from the recent high counts best as a corrective 3-wave structure as well.

So, with 3-wave structures in both directions, it puts us back into jello. Yet, should the market break the recent lows, it does open the trap door to head to the lower target regions sooner rather than later.  But, as for now, I have no clear indication in either direction, which means we will need further patience and allow the market to provide us with the next clues.

I warned you that corrective structures can be quite convoluted, and this one is certainly providing an ideal lesson in that point.