Last time we expected a continuation of upwards movement, which was not what happened.
Price continued its decline and made a new low. This last decline seems quite impulsive, which is why we’re adding two new counts which expect that the downtrend has resumed and that the correction is over. And since the invalidation point of our previous count has not been breached, we’re demoting it as an alternate daily count for the time being.
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. As usual we’ll use each count’s invalidation point to confirm the other count.