Gday

I am having some health issues, did not find the energy to post something lately.  I also have to say that we are in a pretty complex situation, difficult to know what is going on.

In my last update I was hoping for an upward impulse from the Z low, but it wasn't looking that great and that impulse did not form. From the low we produced a double zigzag upward, and then there was what appears a downward zigzag (as of now), that low formed on Thursday and was followed by a pop but it came back down right away. Thursday's low was not broken yet though.

We have to monitor if that recent low holds, one of the possibilities I see is that after concluding the Z (green degree) we are now in a X wave of higher degree. As we only have 3 waves up from the low we could retrace >90% and it could be become a flat correction. The downard zigzag could extend in a double and retrace a bit deeper. But it is also possible that the correction will be a collection of zigzags, in that case a 90% retrace is not required. From Thursdays low the only bullish count is probably some kind of upward diagonal. 

So yeah, difficult situation, but I am more bullish then bearish at the moment, we could get an upward surprise but then come back down later in the summer. Hopefully the picture becomes a bit more clear in the next couple of days.