The rally in the late houres of the tradingsession yesterday has broken above the wave 2-4 channel of wave 5 down, and at the same time broke above the centerline of the wave 2-4 channel line of the entire fall from 1.219,80 to the low of 1,041.08. That break increases the odds that wave I down ended at 1,041.08 just 11 point above my ideal target at 1.030.We should now see wave II towards at least 1,108, but I wouldn't be surprised to see wave II reach 1,153-1,173 area (the 61.8% retrecement and the high of wave 4 of one lessor degree)
If the alternative count (in red) is the right one we should only see a move higher towards the 1,091 area and maybe 1,123 before the next steep decline will be seen.
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