In my May 19 post I said that the correction from early August 2013 likely was over and all we needed to confirm that a new impulsive decline is developing was a break below support at 94.21.
Well support at 94.21 was cleared without any problems and I'm now looking for the next impulsive decline towards 77.38, where wave C will be equal in length to wave A from 105.43 to 86.34.
Ideally we will now see the former support at 94.21 turn into resistance and protect the upside, but even a minor break above 94.21 towards 95.00 would not change the overall picture of a major decline developing over the coming weeks and months.
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