Market Remains Very Sloppy

Today we saw the market open lower then push higher and is now trading down a bit into the final few hours of the day. Overall the market remains quite sloppy on the smaller timeframes and is still leaving us with a very unreliable count as we are dealing with a series of corrective wave action since the high that was struck in January. So with that, I do not have much I can really add to the overall analysis and this will remain the case as long as we are sitting under the 6165 high and over the 5920 low. 

As noted in the previous updates if we can see a break below the 5920 low then we are likely going to be following the green count lower for the wave c off of the 6165 high in Ending Diagonal form. This will continue to take the shape of three-wave action as we move lower toward the 5800 level. If we move lower in that pattern the reversal off of that low will likely be quite sharp back to the upside signaling that the ED is completed. 

If we are able to breakout over the 6130 high then the purple count remains in play with the b wave of that final wave 5 potentially taking the form of a triangle. Again with what is very sloppy three-wave action in both directions, this market remains quite unreliable in the short term but once we breakout of this range we will have a better idea of where we stand on the bigger picture count and what likely lies ahead. For now, patience will be key for those attempting to trade this market in the near term.