This morning I recounted the unfolding rally off February 2016 low which I have been counting as wave ( C ) of ( 3 ). Last time I looked at that structure on a daily time frame a week ago.

That time I concluded that “this drop has already reached the high probability target zone for a corrective wave 4 down”.

The fresh micro count on 4 hours chart below only confirms that count. I expect a move up in wave A of 5 of ( 3 ) to retest the highs reached by the previous rally in the wave 3 up.