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This is the current count on the move down from the recent highs. Why isn't it just an abc correction that is now going to resume the uptrend? Well it may be of course, but the shorter term -2- wave is so far kinda choppy, just into the 4th of lesser degree retracing 50% of the-1-. Textbook.
On the 5 min bar taking out the 50% retrace of the last leg up , prob. the tell for a resumed down move.