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XEL daily 17/05/13

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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.
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Guest Monday, 16 May 2022