IMPULSIVE BULLISH TREND TO 58000, AFTER A CORRECTION BACK TO 39500.
Our long-term overall bullish stance from the breakout of the trend-ending wedge at 0 extends beyond the S0 target. The view has been adjusted.
An impulsive 1,2,3,4,5 bull trend should target T1 and could extend to T2.
The interim view is for a medium-term top around T1, followed by a bearish correction to S1 and S2.
The longer-term outlook is for further eventual upside to T2 on completion of the A,B,C correction, due to the impulsive nature of the gains from 0.
The market is becoming overbought (highlighted) but could remain extended for a while.
S2* is a pivotal level for the bullish view.
Target and Re-assessment Levels:
Pivotal Levels: s0*
Primary Trend and Target Levels: Gains to T1 and eventually T2
Prevailing Trend and Target Levels: Downside off T1 to S1
Technical Rating: Medium
Comments