The move from $51.62 can be counted as an impulse wave (5 wave advance). However, based on how the current decline develops from $57.81, will help decide if the move from $51.62 – 57.81 is all of wave [c] or only wave [i] of wave [c].
So how will we know?
If a 3 wave decline from $57.81 stays above $51.62, then it will support idea 1 and a bullish bias for a move higher towards $62.00 – 64.00.
If a strong break below $51.62 then it will support idea 2 and a more bearish idea and potentially argue that the whole move from the Dec 2018 low has ended, so the current move from 57.81 needs to be watched carefully as it can have big implications for the next significant move.
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