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Wave (iv) of an Impulse originating from 3977 likely ended last Friday. Since the 2351-2439 zone serves as a support, a counter-trend rebound is expected. However, this should be followed by continued selling aimed below the August low of 2111.

A trend reversal in favor of bulls can be discussed only if the descending channel is broken.

The chart includes marginal zones, which should be used to determine the pivot point.