Since the 16,588.25 high we have seen a impulsive looking decline. It does look as it's over yet. Short term I will be looking for a minor rally higher to just below resistance at 15,945 and then another decline to below the important support at 15,703 to end the first impulsive decline from 16,588.25.
As the decline becomes a impulsive five wave decline indicates that we should expect more downside pressure once the correction is over.
I think we have wave D of the major expanding triangle in place and will be looking for a sharp and powerful decline in wave E.
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