Good morning All

Quick update since I am not so happy with the count that I presented in my previous update. In my experience over the years as an EW specialist I have noticed that often times the final zigzag is a single zigzag and not a combination of several sets. Dunno why that is, but it is something I have noticed over the years. This could be the case here as well. 

What do we have since the triangle for Y situation? The decline from that high can work as a 5 wave impulse to the downside, and that can be an (a) wave. Then a 3 wave bounce, that can be a (b) wave, however it is also possible that this zigzag is part of a larger triangle structure that will go sideways for a bit longer. What we know is that from that high we cannot count anything impulsive to the downside, so if that was the end of (b) we have to be in a diagonal lower for (c). The conclusion for now is that are in an expanding diagonal for (c) or in a triangle for (b) :

Take notice that the chart has been stuck since 3 am, but it is not that important in this case, no major price action happened since then. Depending on the price action we get in the next couple of hours it will hopefully become clear if we are dealing with a triangle or with a diagonal. I certainly prefer the latter, as it would be over sooner and diagonals have the advantage that you can know where they can have their ending. In this case v > iii.

That's it for now.

Have a good day!