Has this finally ran out of gas?? The recent set of gyrations appear as a bearish rising wedge, Elliott Wave calls this an ending diagonal. Looking at the prior gyrations I can make a strong case that the high into the Jun highs was the end to wave 5 of an ending diagonal as well as the end to a much larger impulse wave that started from the Feb 2016 lows.
So what does that imply?
Simply put if the Jun highs marked the end to the trend from the Feb 2016 lows, then we can expect a significant decline to correct the advance which counts well as a 5 wave move. Ideally any upside is capped below 148.20, that should favor further downside.
Looking lower below the Jun 2018 highs. Target 100.00 – 85.00.
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