Is this the start of P.4?

The market failed a third time to bounce more in a (b) and instead dropped very hard stretching past the ideal wave iv target supports in the Ending Diagonal.

If you have not done so check out the Beginner's Circle Webinar from earlier this evening where we discuss in detail what we need to see if we are to get one FINAL high out of this 5th (from the 2018 lows) of a (5)th (off the Feb 2016 low) of Primary 3. As well as what we should see IF this is the initiation of P.4.

The failure to hold 2870 region this morning was telling and the break of 2866 made a c wave up to 2910+ even less likely, but this type of acceleration is rare.

By all measures we are now extremely over sold but need to get back over 2785 to even start to project micro moves off a new low, and until over 2767 this can extend to 2742.50.

@ES# - BIG Macro - Oct-10 2252 PM (1 day)
@ES# - BIG Macro - Oct-10 2252 PM (1 day)
SPX.XO - Macro Clean - Oct-10 1810 PM (1 day)
SPX.XO - Macro Clean - Oct-10 1810 PM (1 day)
@ES# - Alternate 4 - Oct-10 2254 PM (1 min)
@ES# - Alternate 4 - Oct-10 2254 PM (1 min)
NDX.X - Primary Analysis - Oct-10 1800 PM (2 hour)
NDX.X - Primary Analysis - Oct-10 1800 PM (2 hour)
INDU.X - Primary Analysis - Oct-10 1805 PM (1 day)
INDU.X - Primary Analysis - Oct-10 1805 PM (1 day)
SPX.XO - BIG Macro Clean - Oct-10 1804 PM (4 hour)
SPX.XO - BIG Macro Clean - Oct-10 1804 PM (4 hour)
SPX.XO - Micro Counts - Oct-10 1802 PM (15 min)
SPX.XO - Micro Counts - Oct-10 1802 PM (15 min)
SPX.XO - Alternate 10 - Oct-10 1808 PM (1 day)
SPX.XO - Alternate 10 - Oct-10 1808 PM (1 day)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.