This morning was a chance to revisit the count of the move down from April highs.  As ususal, we are presented with several possible counts.  Presented here is the most bearish that is consistent with the possibility that the move up from Dow 9.758 is unfolding in five waves that we discussed in last night’s issue. 

In this scenario, five waves up would complete wave 2 in a flat correction, likely from near current levels, and leading to a significant selloff.

[Click image to enlarge]

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