Short term Elliottwave structure suggests cycle from 6/8 peak (85.57) is unfolding as a triple three where wave ((w)) ended at 82.59 and wave ((x)) ended at 83.47. Wave ((y)) is in progress as a zigzag where wave (a) ended at 82.13 and wave (b) ended at 82.87. Wave (c) of ((y)) decline from there is currently in progress as 5 waves and wave v is expected to complete soon and may reach as low as 79.24, then it should bounce in the second wave ((x)) before pair resumes lower. We don’t like buying the proposed bounce and expect second wave ((x)) bounce to fail in 3, 7, or 11 swing as far as pivot at 82.87 stays intact.
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