Good evening

Over the weekend I monitored the price action to see if an upward impulse would form from the recent low, unfortunately this was not the case - we formed only 3 waves up and we started to tank again. An upward zigzag from the lows could be part of an upward diagonal, but I don't think this is the case here. 

I think the price action over the weekend formed an additional x-wave on the lowest degree, from there we can count another zigzag in the lower direction. The (a) wave of the zigzag was actually a leading diagonal, the b wave was a short but strong snap back rally - and from there we saw a final (c) wave potentially concluding the correction. We did not make a lower low though, so this would be a truncated low. 

I will once again monitor to see if an impulse forms from this low. Currently the rally has stopped at the resistance from the diagonal trendline, what i would like to see here is a fourth & fifth wave, but once again it needs to be confirmed by price. If we turn back down & dive to new lows, I would say that the b wave took some more time and the final (c) still in progress - this remains a possibility. Even if we get more downside I think the downside will be pretty limited.

No Pain No Gain, it's been a frustrating ride, that's for sure........

Take care