The last update was about 1 week ago. It was stated/illustrated that a bounce within 4 was expected before the market would resume its downtrend lower. This is exactly what happened last week.
The only change to the count is a minor one; wave 4 likely completed as a flat+zigzag double, not as a flat.
An impulse lower Wednesday-Thursday likely unfolded. The ensuing action looks corrective. Wave 5 may have completed as a truncated wave Thursday, but a sharper bounce following that would be the expectation. This did not occur. At this juncture, a strong move lower within wave [iii] of 5 is the expectation.
An impulse lower since May is taking shape. As discussed here for some time, a flat since February is the preferred view given the February-April action and possible July 2010-April 2011 impulse count. New recovery highs are expected.
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