This has finally cleared support and is on its way lower in Wave -a- which seems to have a target potentially in the 24.50-25.50 area. Once seen the risk is for a pullback higher in Wave -b- and then lower to around the 20-22 area where I feel we shall see a weekly corrective low and for the upside to develop more strongly.
We have seen losses to the Wave iii of Wave [c] of Wave [iii] and also the Wave iv. This should see a Wave v of around 50% reaching the 85.4% projection in Wave [c] to match with the 261.8% projection in Wave [iii] at 26.44.
From there look for a pullback higher in Wave [iv] of around 38.2% to the 29.95 area...
Only directly above 28.91 now would confuse and suggest further gains but I still feel these will be corrective.
For more information regarding the wave ratios please see the attached PDF file.
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