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A sharp fall from 81.80 area seen in the past few weeks is impulsive, which means that we have a temporary top in place, likely of a wave I, which was an expanding diagonal.

That is type of a motive wave, where structure allows overlap between waves four and one. With this being said, at least three waves of a pull-back is now underway within wave two, which will ideally reach 50-61.8% retracement area and then reverse from.

Guest post by Gregor Horvat

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