Correction

Today the market bounced as expected and it continued to sell off afterwards. The market made a marginal new low today so this could have been another truncated 5th on the downside. But it could well be the W1 of the bearish W5 that we saw and we could probably wake up to a gap down on a W3 of W5. Whatever the count, the trend is bearish and I am waiting for an opportunity to come on the long side. And until then, I am in cash waiting to see what levels the market intends to test.