The chart below looks out a little further into more speculative territory, just so readers have an idea of some of the things we should be watching here next:
In conclusion, the near-term impulsive decline begot a second impulsive decline, as it normally should. Now we're on watch to see if these turn into a still-larger impulsive decline (five complete waves). Right now, it's still three waves down. The upcoming sessions will be important, though I think bulls would want to be cautious if it sustains trade much below ~7330 in the meantime, even without a full five wave structure (see annotation on second chart). Trade safe.
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