I previously highlighted a Zigzag which was nearing completion (please see linked idea below). Following the impulsive breakdown last week, the Zigzag (Wave ii of C) now appears to be complete.
As depicted in the chart, price should now be in Wave iii of C with last week's price action forming the lower degree wave 1 of iii. A lower degree wave 2 of iii should follow in a corrective structure (commonly a Zigzag).
The near term price objectives of 1808 and 1825 are in proximity of the 38.2% and 61.8% fib levels. A further extension towards 1836 is possible and also a level where price should see stronger resistance if reached.
From thereon, I expect to see a continued decline progressing towards the completion of Wave iii of C.
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