The NYSE traded 10 points below its August low today, which confirms the primary III top, and that the market has now embarked on a ~15% correction. This correction will -of course- have many twists and turns, but for now, we have finally clarity and the ambiguity (minor 2 vs Primary III) is now entirely gone. Why can we be so certain? Since the today’s trade below the august low signals that uptrend has ended, and since that uptrend was the intermediate v-th wave of a major 5th wave it means this major 5th wave is over. I expect an entire retrace of this major 5th wave, which would bring the NYSE back to ~9,700 and some change. Why? Since 4th waves of one degree higher (Primary IV) than the previous up wave (Major 5) retraces often all of that previous up wave, and finds support at the one-degree lower 4th wave area (Major 4), which is at ~9,700.
Closer to home, minor c of intermediate a is still underway and I expect lower prices to come, with some twists and turns (minute b wave for example). Please also note that the uptrend line has been severely broken, even the uptrend line that connects major 4 with intermediate iv of major 5. Once intermediate a finishes over the next few days, I expect intermediate b to go back up to the white or purple line for a back-test, fail and then intermediate c will take price down to new lows.