BYD remains on a downward trajectory, with the current leg expected to carve out the low of magenta wave [iv] while staying above key support at HK$111. Under our primary scenario, this level should trigger a strong upward reversal, which should set the stage for the completion of the broader green wave [1]. Only after this upside move do we expect a deeper correction, which should eventually break through support at HK$111 and HK$67.60 to form the low of green wave [2]. That said, we can’t rule out an earlier breakdown. There’s a 33% probability that the high of green wave alt.[1] is already in. In this case, the price could breach support sooner, suggesting the low of wave alt.[2] may form ahead of schedule.
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