While investors are wavering weather the corrective rebound off the June 4 low is over or if this move belongs to the initial stage of a new uptrend, I am in the camp of considering that price is unfolding a Double Zig Zag, hence if my short term scenario plays out there is one more pending impulsive or ending diagonal wave (c) that will establish the top of the countertrend rally wave (B). Hence once the wave (B) is in place I expect the resumption of the intermediate down trend with a wave (C) down. This assumed down leg that should extend into August may be the candidate to establish an important bottom.
The good news is that the majority of European & US indices are synchronized as they are unfolding the same EWP from the June 4 low; hence we have a wave (B) in progress across the board.
