The 75 day MA is proving to be a force with prices hitting it and then pulls back. This is not the first time it has supported or resisted price, but no one seems to think of the 75 as an important MA. We are still currently OB, and until we move out of this range we cannot say for certain that we have already turned or have a CIT. If the C-Wave is indeed the count here then expect an impulsive move lower to validate the count. A corrective movement would suggest that we still have not triggered a CIT.
The Gann angle is again the support level on our daily chart and this needs to be broken decisively on the coming move lower as it revisits it for the 4th time. In the case that the 2nd wave is at hand, be aware that the move lower will be significant and devastating and a feel of a crash event that will make the Aug drop seem like a slow motion move down. But let us use the ST as our initial signal to start any short position.
SEN: Bearish
ST: UP
PA: NA
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