The decline I expected has been less aggressive and stopped already at 102.82, which has forced me to alter my short term count slightly. If resistance at 103.57 protects the upside for a break below 103.22 and more importantly below 102.99 we have started a new 1-2 series lower (in red) and would look for red wave iii lower towards at least 101.34. However, if resistance at 103.57 is broken I will count the low at 102.82 as wave (i) and wave (ii) would likely end near 104.49 before a new powerful wave (iii) lower towards at least 100.47.
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