Minor degree wave ii correction is possibly complete and now minor degree wave iii of circle 5 can now unfold. At 7970, minor degree wave i and iii will be equal. If we look at the broader wave count, circle 3 is shorter than circle 1 and this means that circle 5 should be shorter than circle 3. That said, there is still a long way to go as minor degree iv and v are yet to play out. On the way down, yesterday's low of 7647 will be a crucial support to watch out for in the near term.