I said yesterday that the action from the August low could be a...

I said yesterday that the action from the August low could be a base or a distribution.

The reason I lean to the latter is that firstly it is a seeming ABCDE wave.

Within that structure the internals are zigzags or ABC structure.

If it was a base then the up legs (A and C and E) should be 5 waves not 3. It clearly is not.

Now I am no pedantic Elliottician so allow anomallies.

However I think it favours the bear rather than the bull.

Always pays to have other measures to confirm or not.