SUMMARY
NOTE: If this blog gets downvoted; 
IF the recent decline was circled blue wave 2; then it could be complete as shown in below chart. The MACD is also curling up. However, we are not out of the woods yet. What is needed? Higher highs are rquired. If the MACD does still rising; then price could get the support to start upwards towards higher highs and initiate the wave 3 pathway. Bear in mind that there are many ways to label these and I am aware of just about every possible variation. However, Technical Analysis is no more than a process of identifying as many possibilities and narrowing them down to a primary and an alternate price pathway. It's a game of probability and not certainty. So, let's see how the overnight price action rolls in.
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