As anticipated, price traded to 1038.50 and are now retracing. Whether wave i (circle, green) low is in place or this is a wave iv minor bounce, before resuming the trend down to complete wave i, ... one thing is for certain. Today's early morning move down should be entirely retraced up to 1079.5 - 1083.5 and close the gap ( see chart below). As more of the price structure unfolds, I will try to nail down the termination point of wave ii with more clarity.
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