Hi everyone, happy new year!!

hope you are all great.

Weekly Chart is showing a quick raise in Wave C(red) to complete Wave (D), seems like another drop for Wave (E) is still targeting 

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

A rise from the lower trend line, after the this long-term 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) could still be continuing towards the lower trend line and possibly to match 

previous lows (of Wave B(Red)).

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

the price raises higher impulsively for the start of the new trend up described in the Weekly Chart.

4Hour Chart is showing that there has been an extended Wave (iv) that has cancelled previous count.

Which means Wave (v) could still be making its way lower... with its internal Waves i and ii already completed

And Wave iii making new lows in a rather grinding fashion...

60Min Chart shows Waves 1(blue) and 2(blue) of Wave iii already completed...

And Wave (i) and (ii) of Wave 3(blue) possibly completed... 

Weekly Chart is showing an extended Wave C(red) now at nearly completion of just its internal Wave [v] 

to potentially make a last high.

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

Daily Chart is showing Wave C(red) almost completed with only Wave [v] to confirm completion

to make for an extended Flat correction, as it is now at the upper trendline of the long-term triangle formation (blue trend line)...

within a Trend Channel(yellow).

So Wave [iv] confirmed completion above the blue Trend line and 200EMA

And now Wave [v] has Raised impulsively to eventually complete Wave C(Red)...

4Hour Chart is showing Wave (v) of Wave C(red) could have found a top...

If that is the end of Wave C(red) we should expect the price moving down in a corrective way, possibly across the 200EMA.

60Min Chart is showing how Wave [v] could have be completed as the price rejected the top trandline fairly impulsively...

Weekly chart shows an extended Wave (4) correction hitting and rejecting the 200EMA,

although the price has crossed the 200EMA again...

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 (blue long-term trendline).

If this is a false breakout the moves could start bringing the price down impulsively, if it re-enters the blue long-term trendline.

Next, if this count is correct, we should expect the price to continue the moves down impulsively for Wave (5)

4Hour Chart shows Wave (4) correction extended and lingering at the upper trendline of the current Range formation yet again...

Next, I would wait for the price to confirm the start of Wave (5), before committing to short positions.

(i.e. breaking current Market Structure (blue trendline) to the downside)

60Min Chart is showing the price lingering at the top trendline (blue)

and the price above the EMAs again... Extending further this possible long term correction...

Although there is still potential for Wave (5) to start a trend down at any time.

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.