Good evening,

It has been awhile since my last update, about time for an update. I have to admit that price action the last month has been pretty confusing and I think what we have seen is just a very long sideways fourth wave double zigzag combination for wave iv of c of IV.

When that wave concluded we have been impulsing down for wave v - the question is, has the decline completed or will we go lower? That is not entire clear to be honest, it's possible the low is in, but we have no confirmation... and also the low would be a truncation, we did travel below wave iii, but not below the x of  the (iv) low :

Some additional price action is needed here, but so far the bounce from the low is weak, so it is certainly possible we go a bit lower. Line in the sand for this upward diagonal is the May low, that low cannot be broken. If we see some serious strength in the next couple of days that could confirm that the bottom for (iv) has concluded. It is possible to draw a line from II to IV without cutting candles off. 

Let me end you with a reminder of the big picture... nothing has changed here, the idea is that we have been working on wave IV of a diagonal, as stated the low of that wave is unconfirmed at this point - if we go lower the downside looks limited though and should be followed by a wave V that gives us a new high that concludes the diagonal structure. A correction would have to be expected at that point.

That's all for now.

Good luck!

Yours,