I'm looking for a major correction lower towards at least 153.33 (38.2% correction of the rally from 117.27 - 174.84). As can be seen this correction already does appear pretty complex. I expect the next decline to be impulsive in character as I will be looking for wave c lower, but alternately it could be the third zig-zag correction from the top at 174.84. No matter which outcome turns out to be the correct count we should look for a powerful decline once wave 2 is in place in the 171.30 - 171.66 area.
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