From the open, wave i circle of wave 3 down is complete. Opening trade has remained between channel lines, a classical signature of a counter trend rally which should meet heavy selling pressure between 1044 - 1056. Wave ii circle looks like a ABC zig zag that should terminate at 1048.5 if waves C= wave A. Any further subdivision above this level would imply that a larger corrective pattern was developing which would attempt to close the gap from yesterday at 1056 whereas wave C= 1.618 wave A.
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