Last discussed here, I suggested a failure of the red structure would help to confirm the bearish count, and it has failed. It has formed an inverse here, so we may expect it to bounce to the orange box above us for minuette (orange) 2 (target is the measured move of the inverse).
If this bearish count is correct, a three wave rally heading in the direction of that box should fail. A failure of the inverse altogether would be even more bearish (we actually have 3 waves up already, and a failure here would imply a very shallow 2).
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