VIEW RETAINED FOR A MATURING BULL TREND TO REACH THE HIGHS OF MAY 2022.
The long-held bullish stance is materialising and approaching the R1 target area.
R1 is where phase C is equal to 1.618 the length of A. Whilst we retain the corrective A,B,C stance, this relationship could point to a larger bull trend as an alternative.
The expectation is for the 1,2,3,4,5-bull trend to complete around the R1/R2 target area, followed by a meaningful W,X,Y downside to at least S2.
The view finds confirmation in the diverging RSI, as well as cluster resistance for phase C and the 1,2,3,4,5 subdivisions.
A meaningful W,X,Y-type bearish correction off RA1* to S2/S3 remains the preferred outcome.
RA1** is crucial for the view. A breach will negate the A,B,C correction with a bull trend to R3*.
Target and Re-assessment Levels:
Pivotal Levels: R2* and S1*
Primary Trend and Target Levels: Gains to R1/R2. followed by downside to S2
Prevailing Trend and Target Levels: Gains to R1
Technical Rating: Medium