The 78.28 high held the pullback in a flat correction and the lack of alternation in the subsequent decline is pointing towards a much stronger extension lower. Overall this tends to point to Wave (c) of Wave (v) now under development with the high risk ending at the 94.4% projection in Wave (c) and 38.2% in Wave (v) at 70.90.
On the way note the 198.4% projection in Wave -iii- at 72.41. However, we first need to navigate the end of Wave -a- of Wave -iii-.
This appears to be finally making a more solid move and in line with a bearish decline in Wave -a- of Wave -iii-. At this point we are approaching the end of Wave [iii] that should stall in the 176.4%-198.4% projection range between 75.55-76. From here, given Wave [ii] was shallow the risk is for a 50%-58.6% retracement in Wave [iv] that should not get above the Wave [b] of Wave [iii] at 76.77 - so between 76.30-50 should be right - for the next leg lower in Wave [v] to 74.80-75.10.
This will form Wave -a- and thus expect a pullback in Wave -b-...
For more information regarding the projection ratios please see the attached PDF File.
[B][URL="http://www.harmonic-ewave.com"]HARMONIC ELLIOTT WAVE[/URL][/B]
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