The correction appears to be in the final leg. It has two probable targets. First is the 61.8% retracement value, which it has already achieved. The second is the top of Wave [iv] at 2086.94.

This retracement has gone much further than I had expected, but the Leading Diagonal was not at the top of my list, either. Leading Diagonals can fool a lot of people, since they camouflage their true impulsive nature. Notice that I had to use the 10-minute chart to get enough granularity to trace this pattern out.

The large retracement also gives a lot of comfort to the bulls as well. But that is what the market does.

Apparently the turn won’t come until after the close. Hope you are ready!

All the best,

Regards,

Tony

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