Our minuette wave count was invalidated yesterday as prices broke through the September 16th highs which prompted a slight modification to the wave count. Instead of starting on minuette wave (v) already, we're continuing to work on minuette wave (iv).
My preferred wave count is still the bearish count which indicates we've got one more down leg to go on the downside. This wave count shows that we're working subminuette wave c of minuette wave (iv). This wave count will be invalidated if prices break above the $4126 low which was the end of minuette wave (i) since wave (iv) is not permitted to overlap wave (i).
The bullish alternate wave count is that the correction ended on September 15th as a WXY of minute degree within minor wave Y. The sheer strength of recent rallys would certainly support this count. This is not my preferred count as the small degree waves at the beginning of the rally which started yesterday morning look much more corrective than impulsive.
If we break the $4126 level, I will post a revised count.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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I am not a financial advisor. Be sure to do your own research.