Analyst thoughts: Top 40 Medium-term
VIEW ADJUSTED: 68700 TO 73800 TRIANGLE PATTERN CONTINUATION
The recent sharp bearish reversal off R0 implies that the P*Q* consolidation phase is incomplete and should continue to define price action. This has postponed the illustrated bull trend to T1 and T2.
The general downside towards Q* could complete the P*Q* triangle to eventually be followed by the illustrated upside to T2.
Indecision and ad hoc overlapping price action are becoming increasingly likely as the P*/Q* pattern matures.
The important adjusted levels are P* and Q*.
Target and Re-assessment Levels:
Important Levels: P* and Q*
Primary Trend and Target Levels: P*/Q* ranging, followed by gains to T1 and T2.
Monthly Range: R0/S2
Prevailing Trend and Target Levels: Downside off R0 to S2
Technical Rating: Medium