Three-wave structures are shown on a daily chart, with the trapped price action between 80.30 support and 84.00/40 resistance region for some time now.
We know that three-wave formations are corrective waves, and as such, the whole price structure since October 2010 must be a corrective pattern, that may finish soon.
Wave E, final leg of a pattern must complete somewhere below 83.96 region.
New lows should be seen in days/weeks ahead.
Guest post by Gregor Horvat.
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