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. Wave (x) bounce is currently in progress towards 78 – 78.15 area, then pair is expected to extend lower or at least pullback in 3 waves to correct rally from 77.31. We don’t like buying the proposed bounce and expect bounces to fail below 78.79 for an extension lower as far as pivot at 78.79 remains intact.
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