THE OUTLOOK REMAINS OPTIMISTIC FOR A MATURING BULL MARKET PHASE.
The long-held view of an A,B,C bullish correction to L and R1* is materialising.
R1* is where phase C=A in length is a common corrective target. If the analysis is correct, then the final phase C upside is currently forming.
The LQ* price action has corrective traits when compared to previous trends and an impulsive bear trend to S2 is expected on completion of the medium-term gains to L/R2*.
Overbought RSI conditions, coupled with a possible LP topping formation, are early signs of a maturing bull trend.
R1* is pivotal for the illustrated view.
Target and Re-assessment Levels:
Important Levels: R1*
Primary Trend and Target Levels: Gains to R1*, followed by downside to S2/S3
Prevailing Trend and Target Levels: Overlapping gains to L
Technical Rating: Medium