Primary count is a series of one's and two's. The Breadth Thrust indicator shown on the DJIA chart below supports this count.
Yet the DJIA count may be suggesting a bounce of bigger size and perhaps duration. Of course if (ii) turns out to be a truncated top (as EWI suggest), then this count is out altogether. Could be a red herring.
And the Nasdaq100 count may suggest something else again. But as nice as this count is, its nothing to hang your hat on as its only a subindex.
Yet price action is certainly not in the bulls favor. This Wilshire channel chart shows what I mean:
And overall, our favorite Breadth Thrust Indicator is not yet oversold nor is there any positive divergence suggesting a rebound. This indicator favors the primary count of a series of 1's and 2's and the market has not quite yet had its "third of a third" wave. Doesn't mean prices won't rebound, its just saying that this indicator is not flashing a bull signal nor is it oversold and, in theory, may agree with the series of ones and twos down.
Additionally be wary of the lower wedgeline break.