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The nature of the consolidation has seemed corrective (counter-trend).
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A break higher than 1.3569 (23.6%) would advocate a more cautious/neutral stance.
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Through 1.3836-1.3846 exposes potential to have already based. This level includes theprevious low from Feb. 29th and 38.2% retrace of the drop from the Jun. 24th high.
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The decline since Jun. 29th seems impulsive; a potential 4th wave in a 5-wave sequence.Wave 4 should avoid overlap with the bottom of wave 1 which is at 1.3364. Wave 5 has aminimum target at 1.3171 and an extended 1.618 target down at 1.3066. Reaching 1.3066would mean making a marginal new low past the 27th July at 1.3121.
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View: Remain bearish with a tight stop at 1.3364. Targeting 1.3177, scope to see ~1.3066.
(Goldman Sachs)
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