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