DJIA ~ indices capture Fibonacci price objective but still can't bounce....
After Monday morning's gap down open the market went sideways and then fell to a slight new low on Wednesday. The best way to count this price action is that it was all part of wave (iv) of [III]. We've labeled the formation as w-x-y with wave-y forming a "running triangle." The push to a new low as wave (v) of [III] brought the S&P price right to the area where [III] is 1.618 x [i]. Yesterday and today the market could only muster a small bounce to the center channel line before turning down into the close to make a new low for the week. The chart above is labeled showing the small rally could be wave (a) of [iv]. The new low today would be an irregular wave (b) of [iv] and we would see a bigger rally next week as (c) to complete the wave [iv] correction. Much lower prices on Monday and we would have to conclude that wave [iv] is going to be very small and is complete at today's high. Wave [v] down would already be underway with targets ...