If this is Z, then its form has already been complete during the upward movement from 65 to 74. It can either develop another upward wave of the same level or be considered finished at 74 (73968). Let's use this rally as a benchmark to judge strength or weakness. If the price continues to stay above this central pivot, the likelihood of forming the next upward move is high; conversely, if it falls below, the entire rebound may already be over.