“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).” The decline from 13340 may be unfolding as a series of 3 wave declines (double zigzag). The next opportunity will be from the short side against 12920. 12470 and 12200 are targets. 12780 and 12820 are resistance areas.
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