Analyst thoughts: Top 40 Medium-term
VIEW ADJUSTED: 68700 TO 78800 TRIANGLE PATTERN CONTINUATION
The recent sharp bearish reversal off R1/P* could be the final phase E of the P*/Q* consolidation phase.
The current downside should target Q* to eventually be followed by the illustrated upside to T1 and T2.
Indecision and ad hoc overlapping price action are becoming increasingly likely as the P*/Q* pattern matures.
The pivotal level for the illustrated bullish bias is at Q*, while a break of P* will activate the gains to T2.
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