The five up, three down structure is key to trend analysis when it comes to Elliott wave analysis. Using wave counts in combination with sentiment can tell you if markets have reached an extreme and completed a structure. In this case, if wave c is done, do we have any short-term sentiment indicators that are oversold in conjunction with this? The Daily Swing is a proprietary indicator that you can access for free when you sign up for STRIKE at web.strike.money to see if near-term oversold or overbought readings have been reached.
The Truth About The Markets