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The "c" wave here is 1.33 of the "a", and the "b" was 1.11 of the "a", quite consistent with an expanding triangle. If thats the case a "3' down could be imminent.
The key of course is if equities run into trouble up here in the end zone.....the .61 retrace of the whole move down. I believe that is highly likely around here or just slightly higher, ie 1230. The Euro short covering may delay it all a bit but still think it has more downside in it , see preceding post.