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The daily timeframe appears to be developing a strong bearish engulfing candle if price closes roughly where its currently trading. A bearish engulfing candle can often signal a trader/investor that the trend is about to change and that the bears are beginning to take control of the market again. If this candle is to close as an engulfing candle will will need to see strong price action and a close below the $7,600 level before entering the market to ride what could be the last wave down.

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