The decline is progressing steadily and this remains the basic view. However, it does seem to me that the downside target appears more likely to get to the low end of the retracement range and closer to the 66.7% - 76.4% retracement between 76.39-77.07.
In the end this Wave b turned into the alternate count advised last week - a flat and therefore once the pullback to 80.25-45 is seen the next move should be lower in Wave c... to between 76.39-77.07.
The triangle broke down and implied the alternative count offered last week of a flat correction back to the 80.18 high and possibly a little higher to between the 50% and 66.7% projection in Wave v at 80.25 -80.45.
From there we should see Wave -c- lower develop. The first decline should be back to the area of the Wave b of Wave v and once the Wave iv low is broken the risk will be back to the Wave FB low at 78.60 and then beyond.
For more information regarding wave ratios please see the attached PDF file.
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