January 11/12, 2016
For context, here’s the daily chart:
But actually, the pattern to the downside was not completely.
The end of day rally to 2272 was actually a b-wave fakeout.
The futures overnight would reverse and the next morning right at the open would drop heavily back below the bottom of the Trump announcement.
Jan 12, 2016
So it’s important to note that if the bottom of wave 4 is not pierced, any rally – especially in the A-B-C form would very likely be a B-wave fakeout that would result in retesting the lows once more before a true reversal.
This is what happened the next day at the open – lasting for 2 hours.