G'day
Just a quick update, I see nothing alarming in the count so far. Just completed an impulse. The wave stopped at a level of double resistance (triangle trendline & also the trendline connecting the X waves on the way down).
This impulse is a lower degree then the initial rise from the May lows. There is now room for a bigger retrace, but if all goes well it should be followed by a powerful upward wave.
If we are indeed in a 3rd wave a minimum extension would point to ~55 cents.
Worst case scenario is that we are in an upward zigzag formation, in that case the recent low would be an X, and the next leg upward could be a terminal c. This is gonna be the risky part where things could turn, we just wanna see a real impulse from the lows (5 waves up and not a three waves up).
In the bigger picture I do expect zigzags, but on this small timeframe we should start with an impulse.
That's all for now.
Take care.
