As the wave count suggests a 3. Wave of a C wave might be underway. Price has already stalled at the confluence of Fib resistance and a trendline drawn off March and April lows. The trendline has beautifully served as support and once broken as resistance for a couple of months. We can clearly see on weekly chart that the bearish engulfing pattern is confirming the increased likelihood of more downside pressure. 46 with a stop-loss at 35.

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