To be considered a rally of a new impulsive wave an impulsive structure should start off a major low made by a completed corrective structure. The drop that made a major low in December 2015 does not look like a completed corrective structure. It looks like only the first leg down in a large (A) down -(B) up -(C) down correction.
The rally we are dealing with now did not start off that December 2015 major low. It started off the secondary higher low made in August 2016. That is why I count it as wave C up inside a corrective A-up, B-down, C up structure off the major low made in December 2015. If the first drop into December 2015 low was wave ( A ) down then A-B-C up structure that followed should be a corrective wave ( B ) up.
And after that corrective wave ( B ) up gets completed we should get another strong decline in an impulsive wave ( C ) down.
I do not think an upcoming corrective subwave ( b ) down of wave ( v ) up would be a very deep pullback based on strngth of that rally in subwave ( a ) up:
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