The decline off the 5/13 high looks impulsive. I have labelled that as minor (green) 1. The index is fussing at a multi-year trend line, after failing (so far) to find support on it (the green trend line running across the middle of the chart).
There are enough waves in place to consider minor (green) “2” complete, but minute (blue) “c” (of that 2) may also make one more nominal new local high if it needs to.
The target for minor (green) 3 is the orange box below.
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