VOLATILE GAINS AS THE BULL TREND UNWINDS
The overall bullish trend is becoming evident, as demonstrated. The vigorous uptrend beginning at point 0 is projected to continue towards Target 1 (T1) and ultimately Target 2 (T2). However, expect this growth to be marked by volatility and periodic corrections as the trend evolves.
The anticipated LM flag pattern is emerging and is likely to lead to further advances towards T1.
The XYZ-type correction from T1 to Support 1 (S1) will remain within the overall bullish framework, with the trend projected to culminate around T2.
A significant decline to Support 2 (S2) is anticipated upon the completion of the bull trend at T2, while Support 1 (S1) continues to be crucial for maintaining the generally bullish outlook.
Target and Re-assessment Levels:
Pivotal Levels: 59 800
Primary Trend: Gains to 81 200, and eventually to 98 000 followed by downside to 48 000
Prevailing Trend: A consolidation between 59 800 and 74 000
Technical Rating: Medium