WE are missing a very important scenario here - which is ABC correction
As shown below - B has retraced 38% exactly by book. Now Wave C will be an impulse or diagonal. if it's an impulse we are looking at now micro wave 5 of 5 of C. if this is true, a lower low (less than FEB 5 - $5900) is coming because by rule C always ends beyond A. Please share your opinion-
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I’d be surprised on a lower low as MACD would have to dip hard.
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