VIEW RETAINED FOR THE COMPLETION OF A ZIG-ZAG PRICE PATTERN, INDICATING AN UPCOMING UPSIDE MOVEMENT.
The medium-term view of an A,B,C bear phase from R2 to T1 has materialised and the market is consolidating around this pivot level.
It seems like an interim PQ triangle pattern is developing. It is normally a trend continuation pattern, but this seems a less common structure where PQ can become a reversal pattern with gain potential towards R0 and R1*
The medium-term view remains for an R1*/S1* consolidation with little trending possibilities outside these levels.
Interim d and e phases will strengthen the triangle view, but a sharp break of P is required to confirm the illustrated outlook.
A break below S1* will neutralise the stance with a downside to S2. It is highly unlikely that the market will trade below the previous bottoms at S3 if it breaks lower.
Conviction: Shorter-term moves are notoriously difficult to pinpoint within a complex consolidation, making the view of medium/low conviction.