Wave (i) is jumbled and overlapping, but there are 5 clear waves. Leading Diagonal Waves may account for that. Wave (iii) is cleaner and a bit more convincing as an impulse. However, what we don’t want to see is Wave (iv) overlapping Wave (i) at 2083.74. Wave (iv appears to be an a-b-c correction. Wave a went to 2083.09, while Wave c went to 2083.67. An impulsive decline without overlapping 2083.74 with a bounce to the vicinity of Short-term resistance at 2086.85 would be needed to set up the bear market,

The final hour of the day is where institutional money comes back into play. A decline to the 200-day Moving Average at 2063.50 before the next bounce would be an excellent sign that the bear scenario is in play…

All the best,

Regards,

Tony

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