W,X,Y BEARISH CORRECTION APPLICABLE
General: The illustrated moves are part of the larger consolidation phase.
The expected KL inclining channel pattern or bull phase has reversed slightly short of the R2 target.
A sharp downturn off R1 has activated the W,X,Y downside that should persist to the highlighted bottoming area at S1 and S2.
Phase W has ended at S0 with the current R0*/S0 ranging forming phase X.
Renewed A,B,C type gains to R1 should follow the completion of the current downside to S1/ S2.
Important levels: A break of R0* will neutralise the phase Y downside potential. S2* is most hold for the bullish bias to remain valid.
Conviction: Medium
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