Last night I left readers with this scenario. The chart has been updated to reflect most recent price action.
In a follow up to last night chart, above is the 7200 tick chart from the most recent pivot low. Notice that the price action is sideways, choppy and contains multiple wave overlap. This confirm my initial assessment of the market. Accordingly this is corrective price action. While the 120 minute chart level has provided our context for a potential upside target, there are no assurances that another, more complex corrective pattern isn't forming. Patience is required while stepping aside until the pattern can be clearly identified. There remains a high probability that new lows will be reached to complete w.v of w.(1) not show.
Best of Trading
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