VIEW RETAINED FOR A CORRECTIVE PRICE ACTION.
The preferred view of a bull trend to RA2*, followed by impulsive downside to S2, remains valid. The longer-term view is for wide-ranging conditions between RA2* and S2 during the initial part of 2024.
The interim expected phase B bearish correction off R1 is materialising and should target S0*.
The final phase C upside to RA2* will likely become a meaningful top, followed by a 1,2,3,4,5-bear trend to S1 and S2, as illustrated.
S0* remains the pivotal level for the view. A breach of this level would signal a reversal in the overall bullish sentiment and trend bias.
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: Downside towards S0*
Technical Rating: Medium