SUMMARY
Interesting how price just downdraft declined this morning. Five waves can still be enumerated (purple) and that is the marking for blue wave 1. Blue wave 2 can be in progress in the form of an abc (red) and the retrace of blue 1 by blue 2 could be 0.618 or higher. In order for this count to remain valid, the retrace can't make a lower low.
The bounce yesterday can be seen in the form of this ascending right triangle pattern. IF this bounce continues, the $11,800 could pose as a resistance from which multiple touches will likely be required to breach towards the higher zones.
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