Hi everyone, hope you are all ok.

Let's get into it...

Weekly Chart is still showing the price hitting the 200EMA and almost reaching the long term upper trend line for Wave (1);

 * Bearing in mind the Alternate#1 count for an extended Wave (C) of Wave (Y)

 * And Alternate #2 for a Wave (D) topping at the upper trend line.

Daily Chart is showing Wave [ii] made a big rally down towards lower retracements possibly completed at exactly %62 rewtracement of Wave [i].

Which I believe the best interpretation is for an expanded flat correction.

4Hour Chart shows the internal waves of Wave ii correction coming to a completion;

With Wave C (blue) of Wave ii seemed to have completed at the %62 retracement of Wave i, after a gap down and a consolidation range.

There are other series of support towards the %76 level, if it were to drop lower.

And any moves lower than the 0 retracement would invalidate the current count.

60Min Chart shows in more detail the internal waves of Wave ii coming to a completion.

With the 5 internal waves of Wave C of Wave ii almost matching the length of Wave A if its completion really ends at the %62 retracement.

But further moves down would suggest to finish at the next level of Fib retracement (%76).

There have been moves up to cover the gap down yesterday and the price is now starting to reverse towards the 200EMA following the triangle formation and price consolidation.

Weekly Chart under the current interpretation, shows a Wave [C] developing towards the %76 retracement of the 5-Waves raise from 2002 to 2008. 

Alternate #1 shows a wave count for extended Waves (A) and (B).

Daily Chart is showing Wave [ii] so far reached just above the %62 retracement.

This remains the best interpretation as the price has been rejected convincingly at the 200EMA.

4Hour Chart is showing that the current count now stands for a Wave iii of Wave (i) seemingly completed at the lower trend line.

And a bounce up could have started for Wave iv correction.

This gives the option of a low-risk entry as there is a big Support at the 1.0980 price area, not far from the lower trend line.

60Min Chart is showing the 5 internal waves of Wave iii that might have already completed, following a price raise and the MACD Divergence.

Weekly chart shows Wave 1(red) and a Wave 2(red) correction completed at the 200EMA level with a retracement between %50 and %62 level.

Note Alternate #1 for a larger Wave (4) developing.

Daily Chart is showing the internal wave counts of Wave 2(red) most likely completed at this point, as the first impulsive Wave (i) of Wave 3(red) has developed and now Wave (ii) correction under development.

4Hour Chart shows a possible extended Wave (ii) ZigZag correction still underway; With Wave c in its initial stages.

I have marked Alternate #2 as a count for an already completed Wave (ii);

Which would mean that the current correction would be Wave ii of Wave (iii) instead.

(And a drop lower than the current correction 0 retracement will trigger this Alternate#2 count).

60Min Chart shows the current count for Wave (ii) appears to have finished at nearly 0 retracement;

Confirming the lower trend of a triangule formation has been developed.

Since, then the price moved higher to what, under the current interpretation, should be Wave (iii) of Wave 3(blue)

Any move lower from the 0 retracement of Wave (i) would trigger the Alternate #2 count; suggesting the change of trend to the downside.

All the best for everyone and please do not hesitate to contact me if you have any questions or comments.

Andres