VIEW MAINTAINED FOR AN EMERGING FALLING WEDGE PATTERN, INDICATING UPSIDE POTENTIAL.
The long-term P*Z* wedge pattern seems incomplete with further possible overlapping A,B,C and W,X,Y phases, as illustrated.
The A,B,C bull phase off S1 is completing the expected B phase within the R1/S0 range. Phase C could already have started with the recent sharp reversal of S0.
The potential for a bearish reversal at the indicated P/R2* cluster resistance will activate the final W,X,Y downside to Z*.
A long-term bottom around Z* should initiate a multi-year impulsive bull trend to R3 and R4.
R2* is where the A= C is a common target area.
Target and Re-assessment Levels:
Pivotal Levels: R2* and Z*
Primary Trend and Target Levels: Overlapping downside to S1/Z*, followed by gains to R4.
Prevailing Trend and Target Levels: Gains off S0 to P.
Technical Rating: Medium