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The consolidation from early 2011 continues to drag on in the 74.83 - 112 area. In my preferred Count I'm looking for a five wave decline from 112.22 as wave c of a very complex sideways correction.
If we zoom in on wave 3 and 4 of c we can see, that wave 4 has become an expanded flat correction and we might have a top in place with the test of 98.72 and wave 5 lower is about to develop. However, we need a break below short term support at 97.08 and more importantly a break below 96.31 to confirm, that wave 4 is over and wave 5 is under way towards at least 86.36 and more likely wave 5 will extend lower towards 78.84.
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