Good morning

Yesterday I posted a new diagonal count, but a few minutes after posting it I realized this count was absolutely impossible and I quickly deleted my post after 5 minutes or so. I sincerely apologize if you saw that post.

Since then I have been looking at the charts and I can no longer find a valid diagonal count. It would have to be an extracting variant and that would imply that wave 1<3<5 in price and time. In price it would work but not in time...  

So if it's not a diagonal can it work as an impulse? I think it can work as follows :

Wave i was always counted as a leading diagonal, in the diagonal count this was (a) of zigzag, but it can also work as (i) of an upward impulse. Then it was followed by a running abc correction, the (c) wave overlapped the (i) high as required. From there an upward impulse formed, however it looks like a 3-wave structure. Well maybe the fifth wave ended in truncation? We did see a lot of weakness after that truncation for wave iv, but it did not overlap (i). So that puts us now in a fifth wave, and this wave should conclude the impulse. This count has the same message as the diagonal, more upside expected in the near term, but it will be followed by a bigger retrace. How high will be the fifth wave go and when will it conclude? Impossible to say this, but I would not be surprised to see a powerful fifth wave to create some room for a sharp correction, that correction should exceed the length of our previous 4th wave. For degree reason no subwave of the fifth wave can exceed the length of the 3rd wave, so that also limits the potential upside a bit.

As for the recent price action...  From the October low we counted an impulse and that count still stands. It is not sure the correction after that impulse completed, it could work as a running double zigzag, but it is also possible it will go a bit lower first. From the recent low we do not have a very strong looking structure so that maybe favors some more downside before going higher or we could go sideways for awhile; but a triangle is only possible as and Y-wave and not as a 2nd wave.

While the count is new it has the same messsage as the previous diagonal count, that is the good news.

That is all for now, thanks for checking.

Yours,