chart update, page-15

Here's another chart update, kindly note this is a weekly chart so much of the daily noise has been taken out of the equation.

I am still of the opinion that it remains a very reasonable probability that the recent low, (11c), was the terminus of Wave 2 down and we are now in the early stages of Wave 3 up.

The most recent weekly candle features a long upper wick which is clearly a rejection candle, it has already retreated almost 38.2% off its 15c high and I expect a bit more to come in this pullback.

I'm reading the pattern as a sub minor wave 2 down, within a minor wave 3 within a larger Wave 3 structure...therefore I'm expecting a bit more downside in the short term but the overarching trend remains positive.

Should 11c be breached then the above analysis will need an entire re-think, however IMO it is what it is, (Wave 3), until it proves itself otherwise.