Dangerous wave X

What a powerfull decline we had today! Probably because the trendline that started in january got broken to the downside. There also was some news about the S&P putting the outlook for the US on negative. Anyway, the question now is wether this is still a wave X. Price action from the top is clearly corrective, so a wave x is certainly possible. We most not forget that we are in corrective mode since the 1.60 top, so this could also be the start of a new downtrend in the form of a wave Y. The next couple of days will tell us more if price can still get to 1.50 or if price will just continue to plunge.