After the top at 1.5586 we have seen an impulsive decline in red wave i to 1.4997, this was followed by a 50% correction of red wave i in red wave ii and I'm now looking for downside acceleration towards 1.4340 in red wave iii. Short term a break below 1.4997 will add considerable downside pressure. This should only be the start of a much bigger decline towards strong long term support at 1.2185 (see the long term count).
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