Good morning

A little update is required as things haven't been going as planned since my last update. I wanted to see some strength to confirm a bottom in the diagonal count but this strength did not come. Meanwhile the diagonal trendline has been penetrated, no lower low yet at this point.

So where did the count go wrong? I think we have been dealing with a running "b" wave, I have said it before, running & truncated waves are pretty common and cause confusion in the wave counts. A running wave means that the impulse decline started at a later point and that the recent strength was only a fourth wave, now currently in a fifth and final wave lower. So far this fifth wave did not provide a lower low yet, while it is possible that the decline ended in a truncation it is probably more likely that a lower low will come in the next couple of days, of course the May low cannot be broken. If that happens it would be failure of the diagonal count. Below the updated chart :

Gonna keep this update short & sweet, important to monitor the price action in the next couple of hours/days as we could be printing an important low.

Good luck & thanks for checking.

Yours,