Hi everyone, hope you are all ok.

Let's get into it...

Weekly Chart is showing the price hitting the 200EMA and dropping after 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 and then targeting the lower trend for Wave (E).

Daily Chart is showing Wave ii of Wave [iii] made a big rally down towards the lower trendline.

And today Wave iii of Wave [iii] showing a possible start after bouncing off the lower trendline.

Although there is now the possibility of an Expanded flat correction for Wave [ii]; marked as Alternate #3.

4Hour Chart shows Wave C of Wave ii completed at almost %76 retracement of Wave i at the lower trend;

Which is between %85 and 0 of Wave A.

And also at 3.6 Fibo Extension of Wave A from Wave B

This setup left a nice oportunity for going long at the possible start of Wave iii, with a good risk:reward ratio.

And today it has bounced off this point for a probable start of Wave 1(blue) of Wave iii of Wave [iii].

60Min Chart shows in more detail the internal waves of Wave ii coming to a completion at nearly %76 retracement.

And Wave 1(blue) making its way towards the 200EMA.

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

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 impulsivelly at the upper long-term-trendline and now aiming towards the lower one.

Although I have marked Alternate #1 for larger Wave 1 and 2 (red).

And Alternate #2 for an extended Wave [ii] to test the upper trendline again.

4Hour Chart is showing Wave iv retraced between %50 and %62 of Wave iii.

And Wave C (of Wave iv) has completed by reaching 1.8 Fibo Extension of Wave A (of Wave iv).

This setup offered a good entry opportunity to take on Wave v, as the price should not go over the territory of Wave i.

The target now for Wave v should be the end of Wave iii as there is strong support area, the lower trendline channel and would be %85 of Wave i length.

From there we should expect the price to reverse backup again for the start of Wave (ii) correction.

60Min Chart is showing the internal Waves of Wave iv Zigzag correction completed and now Wave v developing.

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 initials Wave (i) and Wave (ii) of Wave [i] of Wave 3(red) have developed.

With Wave (iii) now under development.

4Hour Chart shows Alternate #2 has been triggered after the false breakout and the consequently drop in price across the triangle.

The current count now stands for a completed Wave ii of Wave (iii)

and the latest price drop as the initial Wave 1(blue) of Wave iii

So we should expect a correction next for Wave 2(blue) before the price starts dropping again for Wave iii continuation.

(a retracement of more than 0 of Wave i would invalidate the current short time count and I would have to wait for the correction to complete)

60Min Chart shows the current count has completed 5 waves down for Wave 1(blue)

and a retracement for corrective Wave 2(blue) should have target the upper trendline 

towards the %38/%50 retracement before Wave 3(blue) of Wave iii continues bringing the price down.

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

Andres