After its strong rise in July, August seemed to suggest a correction, in the general direction indicated by guide line X, suggesting a downtrend for the coming few months (while the long-term direction remains upwards). In my last post I wondered whether the chart would take the direction of Channel B or Channel C. Channel B has clearly been taken, but I am less than confident that this upward direction will be maintained. The re-direction that happened in the beginning of August may still be in process.



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