Preferred Elliott wave count suggests that rally to 78.79 ended wave X. Decline from there is unfolding as a double three where wave (w) is proposed complete at 77.31. While near term wave (x) pullback stays above there, expect the pair to turn higher in wave y of (x) before the decline resumes again. We don’t like buying the proposed bounce and expect bounces to fail below 78.79 in 3 swing as far as pivot at 78.79 remains intact.
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