IS the market crashing?

In Elliott Wave Theory, flat corrections are a type of corrective wave pattern observed within financial markets. They occur when the market experiences a temporary pause or retracement against the prevailing trend before resuming its original direction.

Flat corrections are labeled as "3-3-5" patterns, which means they consist of three main waves: Wave A, Wave B, and Wave C.

Wave A: The first wave (Wave A) is a sharp and strong move against the trend. It represents the initial decline or retracement in the price.

Wave B: The second wave (Wave B) is a counter-trend movement, which retraces a portion of the decline from Wave A. It often appears as a corrective rally, but it is usually smaller in magnitude compared to Wave A.

Wave C: The third and most critical wave (Wave C) is another move against the trend, similar to Wave A. However, the key distinction is that Wave C subdivides into five smaller waves: Wave 1, Wave 2, Wave 3, Wave 4, and Wave 5.

Wave 1, 3, and 5: These are impulse waves that move in the direction of the larger trend.
Wave 2 and 4: These are corrective waves that retrace a portion of the previous impulse waves.
The completion of the 3-3-5 flat correction signifies the end of the retracement, and the market is expected to resume its primary trend afterward.

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This would be the bearish perspective.
Bullish count would be that we just printed a zig zag where my yellow 1 is, and now we could be continuing up.

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Lower time frame bearish count

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Perspectives

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I would suggest that the triangle count is also on the table. I did label the first blue impulse but at the same time the move also smells like a 3 wave. Bit of a hybrid wave. Just putting it out there

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Bullish perspective if this continues as presented.

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Called as well. Blue (5) better not stay for a long time under the channel that is drawn . We want to see a quick wick that is bought up if we want the further developement to higher prices.

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