There appears some confusion as to where we probable are in the wave counts. To try to clarify all this, as best as I can , here is the Nikkei which, at least to this point is clear. Here it is.
There are 4 possibilities, all pointing down.
The most bullish for the next few weeks would be the one in red, an A-B-C. We just recently completed the B leg and are on our way to do the C. This one is not very elegant and we require a few adjustments at the top.
Exact same idea but much shorter in time (in green) an a-b-c flat as above followed by wave 5 down. This last leg is already well developed as it is about halfway down.
The 3d possibility, in light blue is the moat elegant. We are in a triangle, just embarked on wave c up, d and e to follow. This is the most â€œacceptableâ€ interpretation as it fits wave wave 2 and the alternation guideline. Also it explains breaking the trend channel to the right as this is exactly what triangles commonly do.
The 4th possibility, not shown , is that we are in a downward pointing wedge and are in the first or second downward leg, see below on â€œAre we there yetâ€or Telus.
All these possibilities apply in different ways to the different markets, the TSE, S&P etc. etc.
There is no credible bullish count that I can find, without resorting to that deus ex machina , the failure, the structure just is not there to support that notion. Remember that what may apply to an index does not necessarily apply to an individual stock.