It remains possible that “this rally is the beginning of a C wave that will exceed 13340. I expect to go long next week, ideally on a pullback near 12750/80.” The estimated support has been reached but the decline from 12920 is in 5 waves (impulsive), which suggests that the larger trend remains down. This leaves the rally from the low as a 3 wave affair (corrective). 12780-12820 is the resistance area. I expect to short in that area, with a stop above 12920. The initial target is 12460.
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