VIEW RETAINED FOR A BEARISH CORRECTION OFF THE TARGET AREA.
The expected test and reversal off the indicated R1 target area has materialised and the illustrated view is retained.
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 complete 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 market 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