A CLASSICAL IMPULSIVE WAVE PRICE ACTION IS UNFOLDING, FOLLOWING A NECESSARY CORRECTION.
The optimistic outlook is reinforced by the black price action sequence labelled 1, 2, 3, 4, and 5, with Impulsive Wave 3 currently in progress.
However, upon examining the blue price action, also marked 1, 2, 3, 4, and 5, it appears that the price action is engaged in Wave 4, aiming for a price target of approximately 59 800.
It is noteworthy that both the black and blue labels for number 4 converge near the same price level of around 59 800, indicating a significant accumulation zone.
From this juncture, price gains are anticipated to reach targets of 74 000, 81 200, and ultimately 98 000.
Target and Re-assessment Levels:
Pivotal Levels: 59 800
Primary Trend: Gains to 81 200, and eventually to 98 000
Prevailing Trend: Downside to 59 800
Technical Rating: Medium
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