VIEW RETAINED FOR A BEARISH CORRECTION OFF THE TARGET AREA.
The expected test and reversal off the indicated R1/R2 target area has materialised and the illustrated view remains.
W,X,Y downside should target S2 and S3 over time where a medium-term bottom is likely.
The initial X phase of the correction could be completed at S1*. A R0/S1 consolidation would then be phase B, followed by further downside to S2 and S3.
A break of S1* will activate further downside to S2.
The price action should preferably stay below R0* to retain the bearish bias.
Target and Re-assessment Levels:
Pivotal Levels: R0* and S1*
Primary Trend and Target Levels: WXY downside to S2 and S3
Prevailing Trend and Target Levels: R0*/S1* consolidation
Technical Rating: Medium