Hello there

I started writing this post on Saturday, unfortunately I forgot to submit it.... Meanwhile it is Monday and my latest observations are down below. But I start with my writings from Saturday :

We saw some more weakness the last couple of days, this was kinda expected as the thrust out of the triangle was very short compared to the W & X of the orange degree,  the zigzag out of that triangle was indeed lower degree (green) and has now extended with another zigzag with w=y for now. 

The reaction from the low is weak so far. If green (y) has indeed completed there could be additional downside if the double becomes a triple zigzag.

I did post the following on twitter on Saturday morning :

So again, for some extra live updates you better follow me there.

As you can see we already have a deep retrace after the bounce from the low, IF the wave extends even lower we will most likely reach a correction of more then 90%, and that could be warning that a flat correction is in progress. 

So for the bullish case we would like to see Fridays low hold and avoid a bigger retrace, certainly avoid a retrace >90%.  For starters we can monitor the trendline drawn from "0" to where y potentially ended. A break of that line would indicate further weakness.

The above was written on Saturday but forgot to publish it....  sorry for any inconvenience this may have caused.

If I take a look at the chart today I can see there is a bit strength after a retest of 0-trendline : 

It appears there was a small leading diagonal for (i), this overlapping price action did not look very bullish, but there was a very short retrace after completion of the diagonal, the rest of the impulse did not take much time. 

So the good news is that we have 5 waves up from the recent low, so some more upside is certainly expected after the ongoing correction, and hopefully this is the start of some third wave upward, but we have to stay cautious, there are certainly other options. This bounce could be an X wave of some degree, it is too early to ignore that potential.

But I will try to count upward from here and see how that goes.

Let me finish this update with a look at the big picture :

As stated before if we are in an expanding diagonal then wave 5 has to be completed before August 25th or so.

If you add 589 days to the december bottom it points to August 9 or so....  But that expanding diagonal was the the alternate count, we can also deal with zigzags higher... There is not much difference between the counts, at least for the short term.  

Okay, that's all for now. Have a good one !