Another model, and one which contrasts over the short term with other M+M models given today, that I think is worth considering is shown below. This one would be characterized by a rally for the next 1-2 days in order to complete the 4th wave of the HT before crashing down to a lower low in three waves.
This model respects that the recent move down could be seen as a 3 wave move which fills a gap. Those generally precede a rally of some kind. In this case the rally would be E of 4. In this case we could see 3 strong waves down to wave 5 of the falling wedge.
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