The short term gyrations from the April lows can be counted as either a completed zigzag (my favored idea), or possibly part of an impulse wave (5 wave advance), so the current pullback is a 4th wave and it will see new highs. If it remains below 355.41 and continues to push below 310.00 then it will further support a move lower and argue that a full retracement of the advance from 244.70 is likely to be seen.

If the current decline is wave [iv] of an impulse wave, then I would expect a reversal back above 355.41 to support further upside for wave [v] towards 380.00.



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