The upper blue shaded rectangle with a red arrow pointing to it supports your post of suppression, big soak up happening in what we call the BUYING zone, when the big boys have got their fill, then the next leg up starts, which will be sub wave 1 up, so far , the bears are holding the bulls at bay.
A break of the 38 fib 1.10c resistance to the upside and the bears have lost control....that will be my final top up
imo
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