As expected red wave ii did end at 104.75 and red wave iii lower is developing. We have the first two sub-waves of wave iii in place and we should be looking for a break below support at 104.20 and more importantly a break below 103.94 to confirm that red sub-wave (iii) is developing. As red sub-wave (ii) is an expanded flat correction we should expect red sub-wave (iii) to extend and look for a decline towards 102.55.
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