5700 was kept intact yesterday and we have reversed towards our target at 5470. What I will mention is we have a level of confluence just above 5570. The reason being - there is a gap close target just above, its also the 38.20% fib retracement for the 5 wave pattern. Given this information the latest decline could have a bounce to the upside if we trade near 5580. I will therefore remove my short from 5700 if seen and then look to see where we close tonight. A weekly close below 5600 will strengthen a continued move towards 5470.
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