Update on long term time forecast will be posted soon.
The reasons for the wave count change are.
1) The proportion of the supposed cycle wave "4" - boxed is too large to be a wave four correction of the rally from February 2016.
2) There is a Fibonacci relationship between the supposed Intermediate waves (1) and (5)
Wave (1) growth rate was 35.57%
Wave (5) growth rate was 58.71%
35.57/58.71 = .605 which is very close to the Golden Fibonacci ratio of .618.