So while this is awaiting it's completion, let's see what is going on again:
Nothing has changed as to the fact that we are still in a corrective consolidation pattern and approaching the last stages of it. Once completed, I am expecting a downside break for another impulse wave down.
Zooming in on the , by my count we are in the ending wave 5 of the five wave consolidation . Within this wave 5, we are currently in the wave (iv). Now, previously, I had thought that the would've marked the beginning of wave (v) of this wave 5 we are in but when that broke down, obviously, that wan't going to happen. We will wait and see if this fills and holds. If it does, it will mark the end of this wave (iv) and start wave (v) up. If it does not, then this alternative scenario should unfold where prices will continue down into the lower of the and then retrace up from there. If this happens, I will again re-assess what is going to happen next....stay tuned!