1. Price failed to make the fifth contact with the upper line of the Symmetrical-Broadening Top, instead it made a break down the lower line at this contact.
2. Price closes the day back below the 50% retracement of the fall from 1422.38 down to 1266.74 assuming that 1374.81 was the end of the counter-trend rally from 1266.74.
3. Price was getting back below the sub-medium-term line connecting 1414.48 to 1363.46 (violet).
4. Price failed to make a fifth contact with the upper line of the Rising Wedge after the high 1374.81, instead it is heading down to the lower line. Once the lower line of the RW is broken the fall will be accelerated.
What would be the target of this fall?
I have to re-label the previous abc to (1) (2) and i respectively.
Elliott wave believers may label the fall after 1361.54 of Tuesday's high as wave iii inside the wave (3) which is underway. I expect this wave iii ended around 1290.00-1303.47.
The final target of the 5 waves structure down from 1374.81 can be lower than 1266.74.