So it turns out this was an ABC move after all as I had been suspecting all along. Now the question remains if this is an ABC for a IV wave or the beginning of a counter rally. I am on the sidelines as per my comments yesterday, I rather lose a trading opportunity than money in my account. Right now it looks like the C wave will challenge the 1065-1070 area and that is where I will be shorting and selling my hedge.
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