So far the market has either retraced 38.2% of wave iii (yellow) for wave iv (yellow) or 23.6% of the five wave structure (blue).
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| 60 Min |
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| Daily |
The 20 DMA was tagged and bounced so we'll see if the bulls are staging another move for the upper trendline (See chart below).
Something to keep in mind is the daily MACD cross and negative divergence. A larger pullback as a result of this would mean that wave C of (4) may be in progress.
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| Daily |
