DOWNSIDE POTENTIAL UNFOLDING
The illustrated view of PK downside to SA1**, followed by gains to R2 remains valid. This should be part of the larger R3/SA1** consolidation phase.
A further downside to SA1** and K will complete the PK bearish correction.
Important SA1** support is expected to hold during the downside, followed by meaningful gains back to at least R2.
The current phase Y upside seems corrective and potentially part of the larger X downside. A break above R0* will, however, pivot the pair for the larger bullish potential to P and even R1.
Target and Re-assessment Levels:
Important Levels: 1.0520/1.0750
Primary Trend and Target Levels: Gains off 1.520 to 1.1110, 1.1247
Monthly Range: 1.0860/1.0540
Prevailing Trend and Target Levels: Downside off 1.0750 to 1.0520
Technical Rating: Medium
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