Has wave 2 completed or is more downside to 42 needed first?
I think the chances for wave 2 being complete at 55.12 or may need one more decline closer to 42.00 is 50/50.
The minimum corrective decline to the 38.2% correction of wave 1 has been fulfilled, but a deeper decline to the 50% corrective target at 42.00 is absolutely still a possibility, but once this decline is complete a new strong rally towards the former peaks at 130 and 147 should be expected and ultimately a break above 147 is in the cards.
That said, it's to early to go all-in as wave 2 could dip closer to 42.00 before completing. Only a direct break above resistance at 78.40 will confirm wave 2 already being complete and wave 3 higher to 130 being in motion.
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