Good morning,
Not much upside since my most recent post, and the upside does not look impulsive. However it is possible that wave V of our diagonal starts with a smaller diagonal. That possibility should be monitored carefully, if it fails then the upside is most likely a (b) or X-wave and a retest of the lows should be expected, maybe with a truncation or with a slightly lower low, I don't want to see too much more downside at this point though.
Below I show you the potential diagonal scenario, since we are dealing with upward zigzags the upside can certainly also work as a corrective structure, keep that in mind!
In our potential diagonal structure wave 3 > wave 1, this means that IF we are dealing with a diagonal it should be an extracting structure, so far it is a valid structure, and wave 4 overlaps wave 1 as needed but it should not go lower then wave 2 - it remains unsure where wave 4 will finish, but when it ends it should be followed by a fifth wave that takes more time & price then the preceding wave.
No change to the big picture, so no need to repeat it in this post... we need to monitor in the next couple of hours/days to see if we get a valid upward diagonal here or not.
Sincerely Yours,
