The clear break below the channel support-line does indicate, that wave y and E has ended and a new decline towards the long term support near 1.3050 is developing. However, we need a break below 1.3050 to confirm that wave E did indeed finish at 1.3832 and that a powerful thrust out of the triangle should be expected.
Short term we should see resistance at 1.3439 and strong resistance at 1.3548.
Is also developing a triangle and we have most likely see wave c of this triangle ending at 0.8534 and we just need a break below important support at 0.8190 to confirm renewed downside pressure as wave d of the triangle is developing.
At no point should we see a break above 0.8677 for the triangle concept to stay valid.
Here we have most likely seen the top of wave 2 at 10,3259 and a new impulsive decline should be expected. Short term we need a break below 10,2170 and more importantly a break below 10,0740 to confirm, that the powerful wave 3 lower is developing. The ideal target for wave 3 is at 8,7625.
At no point should we see a break above 10,5079 as that would indicate a continuation higher towards 11,8555
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