Friday Update Postmortem

Well, as always, best laid plans do sometimes get laid to waste and our direct path to a complete five waves down has taken a turn and decided to kill some time.  I'm still looking for the new low, but the path there is going to be less direct from the looks.  Elliott Wave has two structures that I'm considering that continue the direction but eat up time in a much less direct approach.  A diagonal and a triangle.  On the below chart I've outlined my two most preferred paths to complete five waves down from the all time highs and I've also included a couple textbook diagrams of the structures.  Although there is some potential for some continued upside from this point I'm currently not favoring it.