While below 1257, expect a new low below LOD (1224) to complete wave (( iii )) before we get wave (( iv )) pullback in the metal and lower again. We don’t like buying into proposed wave (( iv )) pullback and strategy remains to sell the rallies. Wave (( iv )) corrective targets will be worked out once we have seen the new low for completion of wave (( iii )).
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