This has now made a new low below that wave 3 low so it looks to be forming a set of 5 waves down from the recent 127p top.
We'll have to look at the bigger picture to see whether this is likely to be a final move down or the first move of a longer series. For now, though, that trendline is looking quite good for a bounce (round about the 82p level) as there will need to be at least a correction after these 5 waves down.
We'll have to look at the bigger picture to see whether this is likely to be a final move down or the first move of a longer series. For now, though, that trendline is looking quite good for a bounce (round about the 82p level) as there will need to be at least a correction after these 5 waves down.