Need to amend my take that I recently added to someone’s recent crude posting.
My remarks then referred to Horvat’s impulsive count off the lows.
I cautioned that while crude might have bottomed recently, my LT work wasn’t confirming that yet.
Horvat today put in ALTs as possibly having us in ABC (as 5-3-5 zig zag) rather than 1 and 2 in new bullish pattern.
I think the ALT is likely. C up of corrective move is next (starting NOW even?). (ie, even though move off lows (A) was impulsive, the larger pattern of ABC is corrective … )
SO .. that means Plunger’s larger view remains correct .. for now. Bearish pattern will likely reassert.
Another leg down is ahead.
My chart for RUSS agrees with this.
On crude, we’ll likely pin the falling 50dma, then head to new lows.
I’ll reassess targets off the initial decline from the ABC high.