MAINTAINING A BULLISH OUTLOOK, CHARACTERISED BY A CLASSIC ELLIOTT WAVE PATTERN INDICATIVE OF UPWARD PRICE MOVEMENT.
The general bullish outlook of PQ downside, followed by a bull trend off S*/Q to TA1, is materialising.
The break of P/S0* has further validated the 1, 2, 3, 4, 5 bull trend to TA1.
The recent downside to S0* was potentially phase 2 with renewed upside to R2 being phase 3.
A break below S0* will neutralise the illustrated view and return the market to further base building and correcting price action.
It is unlikely that the market will extend beyond TA1.
TARGET AND RE-ASSESSMENT LEVELS:
Pivotal levels: S0*
Primary trend: Gains to TA1
Prevailing trend: Gains to R1
Technical rating: Medium