There is no change to the wave count since the last update due to the structure of the downward 8/5-8/30 action and the lack of bearish possibilities in the short-term. The wave count in the chart above works well with recent action and is by far the best option given the limited possibilities.
Mainly because the entire rally this week looks non-impulsive and not like an ending diagonal underway, an unfolding upward flat over the last few weeks seems like a poor option. A triangle is a better option (alternate'', the best alternate count) but as it stands now, the [c] wave is bizarre. One more push higher will make a double zigzag [c] look considerably better, but by then the 8/26 high may be taken out, invalidating the pattern.
Besides it being a rare pattern, a triple zigzag lower in August seems unlikely because the rally this week has already dominated Y and is already larger in size than X. As expressed in the triangle option above, the rally this week looks incomplete as a corrective wave.
Wave [4] looks small in relation to [2] so [4] looks incomplete. Since the shorter term waves make a good argument for a complete double zigzag lower, [4] should be a flat or triangle wave with (B) underway. It would not surprise me if [4] is complete in this well-established uptrend however.
The very long-term wave count remains unchanged and is still available here.
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