Good morning

I received a good question.... Somebody asked me if it was possible that we would rally to a new high in a zigzag style. Well, this cannot be ruled out completely, but I would have liked it much better if we started with an impulse from the low, for instance a diagonal would have been ideal, but it failed. We know that the 5th wave will consist of a zigzag (at least one, but it could also be a double or a triple) - just like all the price action since 2020 has been zigzags inside a bigger diagonal.

We also know that wave 5 should not have taken more then 106 days, and that time has been exceeded. So that is another good reason to expect there will be another lower low at some point. A higher low is possible if the last move truncates, but it should be possible to connect the 2 and the 4 without cutting anything off.  Also the fact that the initial zigzag from the low is kinda small makes it also more likely that we will print that lower low. 

If we take a look at the recent price action it seems that the "X" is taking a bit more time, maybe forming a triangle.

So my idea remains the same as in my previous update, expecting some more upside followed by a crash event.

Have a nice day.