Last week's decline looks like the first leg down of the move off the big bearish ABCD. And this first leg down isn't necessarily over yet...

Finally the acceleration? Watch the 1.272.

The abundance of bearish ABCDs should overwhelm bulls soon:

Yes, that was a nice little ABCD there that sent it down. Notice that 1.272 at 34.50 is also the .886 to the tick, and it stopped it dead. It needs to take this out to the downside and hit some lower areas if this is indeed a 'W3' like move.

Note the nice SL at that low, too, and straight up it goes. Watch the first key area here and see what it does.

Straight to lower // in nice W3 acceleration:

It's all just too sweet to even believe

Notice the first key area I mentioned was a dead .236/.300/.486 overlap. Amazing.

Now it just implodes...

The scale of the decline might suggest that can label today's correction as the following bearish .300 4PT:

Okay, that may be it for today, now just short-covering. We'll see. Any selling after this bounce right here would be 'tragic' for the bulls.

Yes, jarek, that may be a 4PT. I don't like how long the AB leg is time-wise, but it doesn't violate the spirit of the pattern with that, and I've seen some spectacular standard ABCD's proportioned like that.

On the larger scale we entered the 1.128-1.272 zone so anything can happen here, although there is no clear line to base the bounce on:

I have some things at 20, but if they can get this below that current LOD, wow, that would be something. I'd think it will find a higher low in here. Of course, I'm hoping not

That's the one.