Good morning

Last weekend I showed you 2 options, a bearish option on Saturday (correction still in progress) and a more bullish option on Sunday (upward impulse in progress). We had to wait very long and eventually the bears won with a thrust down and a lower low. This lower low is another potential end of the B wave correction, so once again I will monitor if an upward impulse forms from here for wave C, this should be a very powerful move. We are March 4th today so time is running out since we have to finish the expanding diagonal (big picture) before April 19th (if you want to know why that is check previous messages).

Anyways, a closer look at the recent price action :

What we have from the low is a potential leading diagonal in the A position (or 1), that structure took about 20 days to form. Then there is a complex triple zigzag correction that potentially finished last night with that thrust down, so far this corrective structure took 38 days.

Has the B wave really completed? It is still too early to say, we need to see some more strength. The situation this week was complex as I saw a small diagonal form near the lows. This could have been the start of an upward third, but turned out the diagonal was an ending diagonal c-wave of a small flat correction for an x-wave. From there we saw a quick zigzag down. It remains to be seen if that low will hold, it is too early to say, but as you can see above the correction can be counted complete at this point.

Rest of the weekend I will monitor to see if more strength can be seen, hopefully an upward impulse forms from the recent low. 

Lots Of Love