G'day

The idea in my previous update is probably not going to play out. This idea assumed that we were in an impulse to go higher an complete a lower degree x wave. While that upward impulse is not completely dead I think it is more likely that another crash is around the corner. The bigger picture remains unchanged though as a lower price was expected anyways.

So how does this new idea work count wise. From the truncated "X" we count an impulse to the downside, there is nice alternation between the long sideways flat for wave 2 and the sharp zigzag for wave 4 as shown below :

These five waves down are the a-wave of another zigzag to the downside. I have said it before, the final zigzag is often a single zigzag structure and this could be the case here. The question remains if the b wave has completed. It looks like a complete upward zigzag, the problem is that we don't have a nice structure to the downside as of now, maybe a diagonal in the works? I cannot complete rule out that the b wave will become a double zigzag and goes a bit higher before crashing down, keep that in mind. Anyways if we get that c wave crash it could be the final decline in the correction!

So this idea fits very well in the big picture were another low was expected anyways, and that low may just come sooner then expected :

That is all for now.

Take care,