4 Hour Chart trend: Short. Main price points: 66.28, and 66.86. Looking for: Near-term bearish count
The market has broken through the 66.28 support area which was the key for a move into the current 64.00 area. In this zone we are looking for wave iii lows, as the market reached a typical 161.8% extension area of a red wave i, measured from wave ii high. Traders with a short bias should wait on a wave iv pull-back, with a possible turning point around the 66.28 resistance.
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