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Bullish Wave Count
Bearish Wave Count
Alternate Bullish Wave Count
This alternate idea works for the bearish wave count as well.
For the bullish wave count price is now below the lower edge of a base channel about primary waves 1 and 2. This strongly favours the bearish wave count. For the bullish wave count price should be above this trend line, and should have breached the upper edge of a base channel. The fact that it has breached the lower edge is enough to discard the wave count.
I will assume the trend remains bullish though until the aqua blue trend lines are breached.