The correction I was looking for after the test of 72.70 is working nicely and yesterday we saw the first daily close below the wave II-IV channel support line adding more downside pressure. Longer term I'm still looking for a minimum correction towards the 38.2% corrective target at 51.64, but I think it's more likely that we will see a continuation lower towards the 50% corrective target at 45.13, which also marks the bottom of wave IV of one lessor degree.
Short term we have finished four wave of wave A of a zig-zag correction. The ideal target for wave v will be at 54.78 and once in place should be followed by a three wave rise towards 63.80 and maybe even 65.91, but only time will show.
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