Since the 1.4228 low, price has gone up in a corrective way. There was a big trendline which got broken down and has been retested. Since the top was below the high of wave A, this would indicate that price is in a triangle where wave D has now started. The first part of wave D was in 2 equal legs down and appears to have retraced enough for the downtrend to resume.
Saturday, August 13, 2011
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