THE OVERBOUGHT PRICE CONDITION COULD POTENTIALLY LEAD TO A SHORT-TERM CORRECTION.
The overall bullish stance remains valid.
The impulsive 1,2,3,4,5 bull trend has reached T2, as expected.
There is an increasing probability of a meaningful A,B,C correction off the T2/T3 area to S1 and S2*.
The longer-term outlook is for further eventual upside to beyond T3, on the completion of the A,B,C correction. This is due to the impulsive gains from 0.
The correction view finds confirmation in the highlighted overbought and diverging RSI market, as well as the importance of the T2 resistance area.
S2* is the pivotal longer-term level.
Target and Re-assessment Levels:
Pivotal Levels: S2*
Primary Trend and Target Levels: Gains to T2 and eventually T3
Prevailing Trend and Target Levels: Downside off T2 to S2*
Technical Rating: Medium