Updated May 21, 2019
Continues to be in what I prefer to label as Primary IV. The ideal target for this wave has always been $67-55, but it could now go as low as $52-46, as the c-wave appears to be extending. That price range is also major long term support (where major-4 bottomed in 2016). So far there’s no turn in sight, or even a new five-wave up sequence from the current lows in place. Hence, we should for now expect lower price -until proven otherwise- and for those inclined to go long waiting till such a new impulse has materialized AND then a nice three wave retrace is a reliable signal to go long IMHO. Not yet, patience will be rewarded.