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A five-wave cycle from $1.2135 has not completed. The bounce from $1.1530 was driven by a wave 4, which may end around $1.1770, the 123.6 percent projection level of the wave 3. A falling channel indicates a similar peak of the wave 4.
The wave 5 may start around $1.1770, to drive the downtrend towards $1.1455. A break above $1.1770 may lead to a gain limited to $1.1835.
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