The options suggested in Monday's market update still apply: an upward zigzag 5/6-5/13 may be wave [i] of ending diagonal wave C of (Z) of [2], a second wave correction within primary wave [3], or wave [b] (or part of wave [b]) of triangle wave B. In my opinion, a zigzag 5/6-5/13 counts the best. The favored is still the first option listed; an ending diagonal higher with wave [ii] completing now. This is the main labeling in the chart above.
If primary wave [3] is underway, look for a "3rd of a 3rd" wave lower that began at today's high. Keep in mind that the market is oversold in the short term and a wave [2] completion does not work well with the larger count. A triangle B wave still underway also is questionable. The decline and crash following the last recovery high counts best as a double marked in the chart above, not as a flat or zigzag pattern. The 'a' wave of a triangle cannot be a double. A triangle B wave is the best incomplete B wave option because of the massive retracement of the last advance beginning February.
The sell-off since 5/13 can still be viewed an unfolding single or double zigzag correction. The main labellings in the 1 minute chart above suggest a single zigzag correction, but the double zigzag is still a very good option. This count is marked in the line labeled "other option".
The larger view has not changed. A move below the above channel line may result in a sharp reversal.
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