As minor as it would appear in the monthly chart the pullback higher appears to have destroyed the count I have held for one year. I'd rather observe the short term developments from here to confirm my alternative shown - that we'll actually see stronger losses than I had originally expected... IF this is correct then we could expect between a 50% and 58.6% retracement in Wave (b) to the 1,138 - 1,262 area.
INTRADAY CHART
23rd April:
I should have allowed for the Wave i / Wave ii scenario. We have probably seen the Wave -iv- and thus it looks like a 50% projection in Wave -v- that will match with the 238.2% projection in Wave (iii) at 1,291.43. From there expect a recovery to around 1,470-00 in Wave (iv) before we can see the final leg lower in Wave (v).
As mentioned above, do just take care in case the Wave -iv- develops as a flat or triangle... I doubt an expanded flat due to the limited nature of the Wave -v- projection target...
RATIO TABLE