At the backlink I warned that if the 38.2 fib could not hold that it would be bad for longs.
Today the chart slammed through the 38.2 with gusto. In addition it broke down the lower rail of the rising wedge. If it can re-take and hold that lower rail in the next 1-2 days then maybe this still has a chance of being an a-b-c correction but the odds are winding down on that at this point.
Monday, June 1, 2015
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