With the new low, its now met the minimum requirements to suggest enough gyrations to complete an impulse wave from the April high (14375). The new low is important as it supports an idea that a major peak is in place at 14375, so after a bounce in 3 waves (will remains below 14375) further weakness is favored towards 12800 or lower.

A move above 13600 is needed to support further upside and suggest a corrective bounce in 3 waves was in progress. Short term holding below 13555 keeps it pointing lower, potentially wave [v] could still see a move towards 13400 – 13350

A good area for a bounce to end is around 13900 – 14000.

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