It would be considered just as an initial development of correcting down in Minute degree wave ii (circled).
Wave Analysis >> 23% continuous decline, exceeding and closing the week under the boundary line of the leading diagonal all highly confirms that the correction in wave ii (circled) is quite well underway. It should be a relatively deep retracement and will take the coming few weeks.
The first retracement target >> 7.93
The next target >> 7.24
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