At the 120 minute chart level, price has challenged the lower boundary of the corrective price channel. If this interpretation is correct, a decisive break will occur that draws prices to new lows.
And here is my current elliott wave count for the decline that began at 1229.75. I'm giving this count some wiggle room as there are other ways to count this (see ALT) but I believe that the triangle w.4 red breaks up the subdivision of w.(3) well. The depth of the counter-trend rally that is currently taking place should confirm the count. If correct, I do not expect price to print above the .50 retracement level. Should price make a much deeper retracement, but not exceed 1207.5 (the invalidation point for the overall interpretation), then most likely the ALT count is correct.
Let's see what develops.
Best of Trading
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