Hi everyone, hope you are all great.

Let's get into it...

Weekly Chart is showing how a completed Wave B(red) of Wave (D) has reached the %50 retracement of 

the 5 waves raised up to year 2015;

And,  after a quick raise in Wave C(red) to complete Wave (D), seems like another drop for Wave (E) has targeted 

the lower triangle trendline, to complete this long term correction. 

A breakout of this long-term triangle, after the correction under the current count,

would suggest the beginning of the start of Wave (1) of a long-term raise.

(a drop across the %50 retracement would favor Alternate #1 count for an extended Wave (C) correction towards the %62)

Daily Chart is showing the current Wave (E) still underway (against what previously thought as complete), within a descending channel.

(where Waves A(red) and B(red) showed 3 internal waves and Wave C(red) shown 5 internal waves move

for an expanded flat correction)

So the price is still moving down, towards the lower Trendline in the range(yellow).

4Hour Chart showing a more extended Wave (v) which has not completed yet and heading towards lower support areas.

Right now within Wave v of Wave (v), but no signs of stopping at current levels of support.

60Min Chart shows the internal waves of Wave v not yet completed and stepping through levels of support.

Weekly Chart is showing how previously marked Alternate #1 has been triggered for an extended Wave 2(red)

now hanging above the %62 retracement of Wave 1(red).

Notice the Alternate #2 for more extensive correction of long-term Wave [b] to have in mind.

Daily Chart is showing Wave 2(red) reaching the %62 retracement in the form of 5 waves

to make for an extended Flat correction, as it broke out of the internal Range and now is above the upper side of the long-term triangle formation.

Next, I would expect signs for the start of Wave 3(red) with impulsive waves down, but seeing the bullishness shown, I would wait for confirmation of a change of the current Market Structure to change to the downside before I jump in to shorting...

4Hour Chart is showing Wave [v] of Wave 2(red) being extended with 5 internal Waves that 

could have completed at the %62 retracement of Wave 1(red).

Next, once Wave 2(red) correction is confirmed completed, we should expect Wave 3(red) to start

bringing the price lower below the 200EMA and previous support levels.

So watch for a break of the current market structure creating lower highs and lower lows...

And the latest price drop could have just made the initial Wave (i) on the way down.

Once the current potential Wave (ii) confirms completed should lead the way for Wave (iii) to 

break the market structure (to lower lows and lower highs) and bring the price down impulsivelly.

60Min Chart is showing Wave 2(red) rallying in its internal Wave [v] might have come to an end

with the latest drop in price; which could be the first 5 internal waves of Wave (i) of Wave [i] of Wave 3(red)... for a long way down...

Next, watch for completion of Wave (ii) correction, possibly at the upper trendline (yellow),

and then the Wave (iii) to confirm the change of trend down after what currently could be its internal Waves i, ii and 1(blue), 2(blue) completed...

Weekly chart shows the updated count for an extended Wave (4) correction hitting and rejecting strongly the 200EMA to 

potentially put an end to this correction rally.

At this point the price could start coming down lower to start Wave (5) or continue higher as Alternate #1 suggests.

(Note Alternate #1 for a possible larger Wave (4) developing across the 200EMA).

Daily Chart is showing the Wave C(red) completing Wave (4) in what should then be a false breakout 

of this long term triangle formation. 

Next, if this count is correct, we should expect the price to start the moves down impulsively for Wave (5) towards the lower trendline.

4Hour Chart shows the internal waves of the last leg of Wave (4) completed.

So next, as per current count, as expected the price dropped forming series of 5 waves down crossing through the EMAs.

A break of the previous Market Structure has confirmed the new Trend down (lower highs and lower lows).

60Min Chart just the start of Wave (5) with this important change of trend to the downside... 

The latest drop in the form of 5 waves could have completed Wave (i)

and next a Wave (ii) correction should bring the price higher in a corrective way...

Once Wave (ii) completes, expect the price to move down impulsively for Wave (iii)...

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

Andres

Please be aware: that these Analysis are own opinions, not Trading advice; Trading carries a high level of risk, and may not be suitable for all investors. Before deciding to trade you should carefully consider your investment objectives, level of experience, and risk appetite.