Analyst Thoughts - Top 40 Medium-Term

VIEW ENHANCED FOR A CORRECTIVE DOWNSIDE PRICE ACTION.

• The overall view of downside to S3/Q remains valid that should eventually be followed by a cyclical bull trend to T2 and beyond.

• The current downside could be forming an A,B,C-type bear phase. Phase A has ended at S2 with corrective phase B targeting R0*.

• The final downside to S3 and Q will complete the bear phase and be followed by the indicated upside to at least P.   

• R0* is now the pivotal level for the illustrated medium-term view. A break of this level will neutralise further downside.

Target and Re-assessment Levels:

Important Levels: R0*

Primary Trend: ABC bear trend to S3, followed by impulsive gains to R2

Prevailing Trend: Gains off S2 to R0*

Monthly Range: R0*/S1

Technical Rating: Medium

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