The wave action lower since the last all-time high on 1/15/14 now looks corrective due to the major retracements of the swings lower made since that time. At the same time, the Tuesday-Wednesday rally looks like a diagonal or a double zigzag. If there was a significant top reached 1/15/14, an impulse down and flat correction would have unfolded, but this is not the preferred view due to the big retracement made on Tuesday.
There is likely not a sideways correction still underway since 12/31/13 because of the complexity involved. If there is, alt''' is correct and the 'y' wave since 1/15/14 must be a downward flat or triangle underway. This seems to be the only choice due to the structure of the waves since 12/31/13.
In the longer term, the structure of [5] is debatable, but an impulse that began in late 2011 is likely winding down. The best two options for [5] are the counts in color and the "or" option.
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