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 to the upside, 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) might have been completed, 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)

The moves continue to be corrective in nature overall, and still below the EMAs, so I wouldn't start long positions yet,

but if the price continues higher and breaks through the upper trendline of the current range

it would make increase substantially the probabilities of the start of the new trend up described in the Weekly Chart.

4Hour Chart is showing how previous count has been invalidated and the new count pointing at the price starting

the initial Wave i up and the 50EMA heading to cross the 200EMA...

Once Wave i completes, watch for Wave ii to bring the price down and sideways (in a corrective manner) before

Wave iii starts taking the price up again impulsively.

60Min Chart shows the internal waves of Wave 1 might not yet be completed, although I would expect this wave to find a top before the 106.000 price level.

Once, Wave i is completed, expect Wave ii to break the Market Structure temporarily to head below the 200EMA again until the price picks up momentum to continue the moves up with Wave iii 

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) to continue the impulsive waves down, which have already confirmed a change of the previous Market Structure to the downside...

4Hour Chart is showing the current market structure creating lower highs and lower lows...

And the latest price drop looks to have confirmed Wave (iii) on the way down.

Within the latest move down the price has created a Range where the latest low could be its internal Wave 3(blue) of Wave iii of Wave (iii)

60Min Chart is showing Wave 3(blue) of Wave iii of Wave (iii) possibly completed at the lower trendline of the current 

4-hour range created.

If this Wave 3(blue) is completed expect the price to move up in a corrective manner; although the lowest of Wave 1(blue)

@ 1.17370 area should hold the price from raising higher under the current count.

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 continue 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 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)

forming an initial Wave (i) and most likely completed Wave (ii) creating a channel down that, if continues lower,

would confirm Wave (iii) towards the 1.23000 price level

60Min Chart is showing Waves i and ii possibly completed within the 4-hour range and still below the EMAs.

Next, expect Wave iii of Wave (iii) to aim at the lower trendline to continue bringing the prices down impulsively.

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.