The recent declines on the XAO have resulted in questioning of the wave count since the low of 4560 in March was broken. In addition, the down leg that started in April still looks very corrective, hence the evidence at hand implies a larger correction is most likely still unfolding. This corrective wave may in fact be a large sideways triangle.
The alternative bearish count still has validity until proven incorrect.
On the short term, Triangle Wave 'C' is below as a double flat correction. This leg should be complete or very near complete, wave 'D' should soon be underway.