As you can see the overall decline is looking a bit too big for wave iv, although technically it still is OK, the "right look" suggests that its wave [iv] and not iv
The fibbo ratios work well, as does the time factor for the larger 4th wave, as its yet to push back to a 382 of [iii] so it still has some wiggle room, hence the new low if the low not in for wave [iv] is possible if Globex cant get above 1107ES, and pushes lower throughout the European session
So i am still Bullish and treating this as a 4th wave pullback but because of the 2 days decline, i am not so aggressive as i was, as the picture has changed and i need to adapt to that, so a 5th wave is still the expectation based on the current price work
Of course if this suddenly pukes, then that idea is off the table then we need to get short and sell the market, but i am willing to give it some room here, as use 1107ES as the s/t Bull/Bear line
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