The basis for my opinion was due to the fact that the wave structure from 7/24 - 7/31 appeared to be in three waves and thus a corrective rally. If my assessment was correct then a significant decline could ensure and thus the "context" for my comment after the 8/2/2102 close.
Note: that temporary strength was indeed negated and yesterday price turned south
From the 1656 high, the decline should unfold in a five wave decline. The pattern would be confirmed on a closing bases below 1552^2. If not, the possibility remains that we will see a complex corrective pattern developing from 1690... possibly a triangle that would eventually reach a new recovery high.
I hope you found this information helpful and...
Best of Trading
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