After we saw a clear blow-off top at 7,563.50 we saw a strong decline that closed the gab from May 16. I'm currently looking for a correction towards the 61.8% corrective target of the decline from 7,563.50 to 7,131.60, which comes in at 7,398.51. The correction from 7,131.60 has unfolded as a double zig-zag and the second zig-zag will be equal in length at exactly 7,398.51, which enforces this resistance.
To confirm that the correction is over, we will need a break below minor support at 7,259.80. The next impulsive decline should take out support at 7,078.15 without problems for a continuation lower towards 6,638.60 (the low of blue wave 4, see the chart below).
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