Yet again (markets really are at a critical juncture imo) I can see two possible counts for this index/etf. The red count would suggest a much deeper and longer correction before continuing upwards while the blue count suggests that the rally from June, 2016 was in fact a wave 1 up. Something the blue count does have going for it is that the larger wave 2 correction was already a 4 year correction from 2004 to 2008 so perhaps this wave 4 has been much shorter. I'm leaning with the more bullish blue count. (As it is a longer term chart I have used the fib channel tool for my fib retracements as it apparently a workaround for a lack of proper logarithmic scaling in TradingView.)