Short term Elliott wave count suggests that decline to 386.6 ended wave ((w)). Rally from there is unfolding as a double three where wave (w) ended at 406.6 and wave (x) pullback ended at 396.6. Short term, while pullbacks stay above 402.6, and more importantly above 396.6, expect more upside towards 416.5 – 421.3 area to complete wave ((x)) and end cycle from 9/1 low (386.6). Afterwards, expect the instrument to resume decline to a new low or at least pullback in 3, 7, or 11 swing to correct cycle from 9/1 low.
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