Updated May 20, 2019.
From last week: Wave-iv of 5 never materialized so the whole advance off the December low is only three waves… This means bigger picture wise we are looking at the top of a larger b-wave and now a larger c-wave for wave-IV is underway to below the December lows. NOTHING HAS CHANGED THIS PERSPECTIVE OVER THE PRIOR WEEK, BUT ONLY REINFORCED IT.
From last week: “Short-term I am looking ideally at the completion of a leading diagonal wave-1/a in the target zone shown before wave-2/b starts, from where wave-3/c will bring price down to the 2700s.” Price reached the target zone, did its best rally since the 2961 high in a three wave fashion and thus all of b/2 can be considered as complete or it was only wave-a of 2/b with the latter becoming more complex. A break and close below wave-a/1 @ 2800 favors the former.