$CMI is producing the first real discernible wave of note since its rally from the crash lows. It is therefore a good candidate for a wave 2 of primary (pink) degree. The divergence suggests that this leg may be done, though it may also need one more low (second chart below). In either case, we should see a rally to the orange B above us before an even deeper decline to orange C below us.
If it needs another low, it may look like this:
[UPDATE]: We pierced the orange box above and began descending toward the orange box below. I will file this under “Successful Calls.” I will need to monitor the price action from here prior to making a new call.
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