This idea assumes the primary degree uptrend is over and a major Cycle degree correction has begun. The recent 5 waves downturn makes it a viable scenario. In terms of fib relations it could be assumed that the last top is a major one for a while.
Note
Uber bullish alternate idea
Note
Base case for now
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.