Out of the two possibilities that I mentioned on January 10, the major wave 4 correction turned out to be the right scenario.
It appeared to me that Emico has completed its major wave 4 and it is forming the major wave 5 of its mega wave (3).
Looking at the magnitude of mega wave (1) as shown in the 5-year and 20-year charts, very likely mega wave (3) is going to have 9 major waves.
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