[LL] update

In the backlink I knew we had one wave more down to go before I could count as bottom as being in.  I thought it would quick and painful as shown below:



However, the recent action suggest that it could bottom here in a falling wedge.  That might be a so called ending diagonal or it could be 3 of 5 of 5.  But shorts should be taking heed here: LL is showing more strength than I expected.  In fact, smart shorts are covering into the weak rally we are seeing in the broader markets.