We are left at today’s close with virtually the same setup as we had at Friday’s close.
By Friday’s close, we had a respectable initial decline, internally consistent with an initial impulse wave down, and we had a retracement into the close—all with wave balance—giving us the potential for a 1-2 to the downside.
Instead of getting the nice deep 3 today, the “2” may simply have become larger today, but it was then followed by another drop, also internally consistent with an impulse wave down, and we once again had a retracement into the close, all of this also with wave balance.
So, if they’re going to give us a decline, this should be where they would do it, so let’s see if we finally get a real decline.
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