I have updated my preferred wave count and it has significant implications.
The new count shows the decline from 33519 to 11079 as a complete zig zag pattern. Wave (A) is a impulse with distinguishable five waves. Wave (C) is also an impulse though more simple in structure.
I am looking at the advance from 11079 to 22166 as a leading diagonal and the correction to 13176 as a zig zag, however it is possible that this correction is still unfolding.
The key level to watch for the bullish outlook is 11079 as a break below this level invalidates the bullish forecast.