VIEW RETAINED FOR A BULLISH PHASE TO CONTINUE
The preferred view of a bull trend to RA2*, followed by an impulsive downside to S2, remains valid. The general longer-term view is thus for wide-ranging conditions between RA2* and S2 for the initial part of 2024.
An interim bearish correction off R1 could target S0* to develop into a R1/S0* consolidation.
The final upside to the RA2* target area is expected to be followed by a meaningful bear trend as illustrated.
S0* remains the pivotal level for the view. A breach of this level would signal a reversal in the current bullish sentiment and trend.
Target and Re-assessment Levels:
Important Levels: RA2* and S0*
Primary Trend and Target Levels: Gains to RA2*, then down to S2
Monthly Range: R1/S0*
Prevailing Trend and Target Levels: R1/S0* consolidation
Technical Rating: Medium