having now pulled back to the 40-42 area as per our previous discussions, meo is hovering around the 50% retracement of the move from 22 to 65.
a 3 wave corrective structure is obvious on the daily after the impulse move.
a move through 48-50 will see the correction confirmed and a target of 84 becomes apparent later this year.
a test of 37/8 area is still possible but would weaken the outlook.
if you don't understand this or you think charting is cr@p, don't bother replying - the market is bigger than you.
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