Since the low of 117.36 we have seen a clear five wave rally to 174.85.
Wave 1 went from 117.36 to 133.48
Wave 2 went from 133.48 to 118.77 (wave 2 was a Deep 90% correction of wave 1)
Wave 3 went from 118.77 to 156.78 (wave 3 extended a became more than 2 times wave 1)
Wave 4 went from 156.78 to 147.58 (wave 4 alternated from wave 2 in becoming shallow)
Wave 5 went from 147.58 to 174.85 (Wave 5 was 1.69 times wave 1)
The decline from 174.85 does look impulsive in character and after a correction towards at least 172.48 and possibly even higher to 173.38 we should be looking for a new decline towards at least 169.69 and likely lower towards 167.32.
Longer term I will be looking for a correction towards the bottom of wave 4 of one lessor degree at 147.58.
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