Metal has completed an hourly cycle @ 3.38 after a triangle thrust. A test of 3.21 is expected to complete a 3 wave decline from 3.388 and 7 swings down from 3.37 peak. As metal avoids aggressive weakness below 3.21, expect a 3 wave recovery which we believe would prove corrective (3 or 7 swings) and result in more downside in the metal. We are not in favour of buying into proposed recovery.
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